Let's "follow the science" to see how a .44 caliber wadcutter "travelling in the leisurely manner of bygone days" (as Captains Fairbairn and Sykes worded it) might compare to the classic "FBI Load" from a .38 Special service revolver.
Why pick the FBI load when there are countless other more "modern" ammo choices for comparison?
Partly because the FBI load has an established reputation for effectiveness and reliability and partly because Fackler published a "wound profile" for the FBI load that shows its likely penetration and expansion in bare 10% gelatin.
The full set of Fackler wound profiles can be found online in the very last issue of Fackler's Wound Ballistics Review here: https://thinlineweapons.com/IWBA/2001-Vol5No2.pdf
I don't believe it strains the principle of "fair use" to post one of those profiles here:
For the metrically-impaired (me included) that 15 mm expanded diameter converts to about 0.59 inches and the 32 cm of penetration is about 12.6 inches.
So, apparently that combination of a 60 caliber projectile capable of penetrating 12-13 inches of bare gelatin is sufficient to establish an "exemplary" reputation for "reliability and effectiveness in the human target."
But why?
It's easy enough to understand the penetration part: Long ago the FBI "followed the science" to determine that a projectile capable of penetrating 12 inches of 10% gelatin is very likely capable of penetrating deep enough to hit something "vital" in the human target from most any likely angle. The FBI load, even with full expansion, meets that minimum penetration requirement.
But is there anything special about the 0.59 inch expanded diameter? Well, sure! That has to do with the volume of the permanent cavity shown in Fackler's wound profile.
About the same time the FBI settled on the 12-18 inch penetration requirement, they also realized that the only other useful measurement of handgun ammunition effectiveness was volume of the permanent wound cavity. That idea is well explained in a short paper by Special Agent Urey Patrick entitled "Handgun Wounding Factors and Effectivess" which can be found online here: http://gundata.org/images/fbi-handgun-ballistics.pdf
The whole paper is well worth reading, but here's the key paragraph on permanent cavity volume:
"The critical wounding components for handgun ammunition, in order of importance, are penetration and permanent cavity. The bullet must penetrate sufficiently to pass through vital organs and be able to do so from less than optimal angles... and the permanent cavity must be large enough to maximize tissue destruction and consequent hemorrhaging."
There's more that could be said about just how the volume of the permanent cavity should be calculated for different bullet nose shapes. But maybe it's better to stop here and see if there's enough interest to make the topic worth pursuing.