But, add another 500 fps to this same bullet and it will do more damage and still penetrate.

I'm not talking about different bullets going the same velocity. As in, a FMJ and a soft lead bullet that are both going 2000fps. I'm strictly talking about whether a pass-through is better than a bullet that does not exit. I want a bullet that expands and penetrates.

A fully mushroomed bullet that goes through a deer at 3000 fps will transfer more energy than a fully mushroomed bullet that is going 2000 fps. More trauma, more shock. It is the expansion of the bullet and the fact that it is meeting resistance that gets the non-pass-through guys giddy. But, in order for that bullet to stop before exiting, it has to slow down to a complete stop. Meaning, at the end of its wound channel, it is barely transferring any energy. It is running out of gas.