People have been trying to simplify ballistics (and sometimes extending that to make simplistic assumptions about the attributes of various calibers...) for a long time. But the bottom line is that it's really complicated. Velocity and mass are two of the fundamental factors, for sure. But if you're evaluating based on penetration, then a host of other factors come into play as well, such as - what exactly is being penetrated? Ballistics gel? An obese person wearing four layers of winter clothing? An elk chest cavity? Or a physical barrier of some sort? Factors that contribute to good penetration in one of those examples don't necessarily equate to good penetration in the others, by any means.
I think there are basics principles of physics that apply, but if you want to take it out of the classroom and into the real world, then you really have to pay attention to so many different variables that it either becomes a really expensive and broad experiment, or by necessity it becomes focused on specific platforms, calibers, etc. for which the results are particularly relevant for you.
I realize that's not helpful for coming up with simple and straightforward answers, but honestly, I'm just not convinced there are simple answers, as much as we may yearn for them.