BBTI backs up my claim fairly well:
http://www.ballisticsbytheinch.com/megraphs/45auto.html Note the steep downwards trend once you hit 4".
Likewise compare individual tested loads:
http://www.ballisticsbytheinch.com/45auto.html
I certainly see a 20% drop in muzzle energy from 5" to 3" as "plummeting", especially compared to other cartridges that hold their velocity better in short barrels, like the .357 SIG.