Bullet construction, sectional density, kinetic energy and frontal surface area all play a role. In the case of .223, the frontal surface area is relatively low and the KE is disproportionately high.
So yes it's possible that a specific .223 cartridge will have more penetration than a specific .308...Sure, I could buy that.
If you told me that the 5.56 EPR (M855A1 Enhanced Performance Round) penetrated better than a 7.62 hollowpoint or even 7.62 ball, I’d believe you. I’d probably still look for the data but at face value that would sound very plausible.
A good job and a good wife has been the ruin of many a good hunter.
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