No that's not entirely true Alex. The V-Max is designed to have a controlled or at least encouraged expansion while increasing BC thus increasing the effective range.
The external ballistics are determined by remaining energy and velocity of a given round. There are some calibers that are more explosive than others with the same projectile design... just because they are driven faster.
Up close these are likely to expand violently (fragment) with less penetration. Further out you'll likely get more penetration with less expansion. For a .223 the "ideal" performance (or "design center") is probably reached at about 200 yards.