The M193 cartridge uses a 55 grain boat-tail bullet. It is the original round for the M16 rifle.It is no longer being bought by the US military. The M855 is the newer ball cartridge that was developed for the Squad Automatic Weapon and is also used in the fast twist barrel of the latest version of the M16 rifle. The M855 does have a soft steel core. It is not an armor piercing round as such.
Here is a good link that explains the effectiveness of the M193 cartridge and other military rounds. The bullet of the M193 round is really devastating at velocities above about 2,800 fps. It breaks up after penetrating about four inches in flesh.
http://home.snafu.de/l.moeller/Zielwirkung/military_bullet_wound_patterns.html