Bullet energy is a reflection of the hydraulic effects of the wound - and I feel a hangover from the days of cast lead solids. Impact energy transfer is a better indicator of bullet performance - and this is usually a reflection of bullet expansion and the increase of frontal area after expansion which is the result of bullet design. That same bullet design works on the impact velocity between a certain range and to a lesser extent what the bullet strikes on the way through, which causes the expansion.
Drive the bullet too fast and hit solid stuff, and the jacket is likely to peel back off and lead to explosive expansion. This might be OK results wise, or you might get some animals that you don't anchor depending on what the small fragments do. These days, there is also more concern with lead contaminating the game. The other side is too slow, and the jacket doesn't open resulting in a thin pencil hole stuck right through. Not as effective...
This is why manufacturer's usually quote a velocity range for their projectiles along with the energy - both probably need to be used together to get the 'proper' answer to this question.
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