Penetration tests in ballistic gel, particularly in the FBI protocol, are good indicators of a bullet's terminal potential. But they're not the final word.
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FBI Ammunition Protocol
Ballistic Gel Testing - American Handgunner
Bullet testing in ballistic gel
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Ballistic Gel Testing - American Handgunner
Throwback Thursday: The FBI Ammo Tests
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Throwback Thursday: The FBI Ammo Tests
Does a bullet accuracy depend on its RPM, like if higher the rpm or FPS, the more accurate the bullet for guns like a sniper rifle? - Quora
Throwback Thursday: The FBI Ammo Tests