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The .38 is going to have more energy while throwing more weight at your target.
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+1, and to be more specific, .38Spl loads can use up to 158gr bullets, while the small case size of the .380ACP limits it to a practical maximum of 115gr, and most commercial SD loads are in the ~90gr range.
The muzzle energy of the top commercial SD .380ACP loadings closely approaches common commercial SD .38Spl loadings, but
in general, when 2 handgun rounds with similar muzzle energy are compared in the real world, the one using the heavier bullet is usually more effective.