Basically yes.
There are a number of "formula's" that are used to determine how effective a round might be. Straight up kinetic energy is the popular one of the day. A popular one around the turn of the 19th century was the Taylor Knock Out (TKO) formula. It was basically weight of bullet in lbs * velocity * bullet caliber.
Take for instance a .375-magnum rifle shooting a 300-grain bullet at a velocity of 2560 fps times caliber of .375. This equals a TKO index of 41. Contrast this with a .50 muzzleloading rifle shooting a 600 grain maxi, at a velocity of 1400 fps times caliber of .50. This produces an index of ~56.
Which is better? Who knows!
Personally I've found that given two loads with the same kinetic energy, the one with a heavier slower bullet of better sectional density penetrates farther.
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