A while back I did some testing on a limited assortment 9mm , .38 Special (and +P), and .357 Magnum, fired from several different handguns. All results are from an average of 5 shots. All test were conducted on the same day under the same conditions. Distance from gun to chronograph was 12ft. I don't claim to be a ballistics expert, but I have spend my career working in the field of experimental testing (Experimental Engineering Test Technician), and I'm now retired. You'll see that I threw in a few modest "target" FMJ grounds as a kind of baseline to compare the others too.
This obviously is not a comprehensive test of every brand of ammunition, but with a seeming endless bickering on the forums about 9mm vs .357 Magnum - vs .38 Special (and +P), and which one is the best, I just wanted to test some of the ammo (and guns) that I had on hand, and see if I could answer that question to my own satisfaction, and I did. With the right ammo, any of these three calibers are plenty potent, and in the debate about which is better, a compact-to-mid sized 9mm vs snub-nose .357 Mag revolver? I'm positive that if any poor soul were to be shot by both, he wouldn't be able to tell them apart.
Neither stand out as the "best", they are both excellent. The .38 +P PoweR'Ball put in a very nice showing too.
9mm
CZ D Compact PCR 9mm (3.9" barrel)
Win. 9mm 115gr FMJ (target ammo) 1097 fps - 307 ft/lbs
Federal Hydra Shok 9mm+P 124gr. 1058 fps - 308 ft/lbs
Cor Bon 9mm+P 115gr JHP 1197 fps - 366 ft/lbs
Cor Bon PowR/Ball 9mm+P 100gr 1360 fps - 411 ft/lbs
Cor Bon DPX 9mm+P 115gr 1227 fps - 384 ft/lbs
Sig P239 (3.6" barrel)
Win. 9mm 115gr FMJ (target ammo) 1043 fps - 278 ft/lbs
Federal Hydra Shok 9mm+P 124gr. 1025 fps - 289 ft/lbs
Cor Bon 9mm+P 115gr JHP 1186 fps - 359 ft/lbs
Cor Bon PowR/Ball 9mm+P 100gr 1319 fps -386 ft/lbs
Cor Bon DPX 9mm+P 115gr 1172 fps - 351 ft/lbs
Ruger SR9 (4.14" barrel)
Win. 9mm 115gr FMJ (target ammo) 1185 fps - 301 ft/lbs
Federal Hydra Shok 9mm+P 124gr. 1054 fps - 306 ft/lbs
Cor Bon 9mm+P 115gr JHP 1234 fps - 389 ft/lbs
Cor Bon PowR/Ball 9mm+P 100gr 1370 fps - 417 ft/lbs
Cor Bon DPX 9mm+P 115gr 1181 fps - 356 ft/lbs
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.38 Special (and +P)
.357 Magnum
S&W 340 M&P (1 7/8" barrel)
Win. .38 Spl. 130gr (target ammo) 766 fps - 169 ft/lbs
Federal Hydra Shok .38 Spl.+P 147gr 817 fps - 218 ft/lbs
Cor Bon PowR'Ball .38 Spl.+P 100gr 1193 fps - 316 ft/lbs
Cor Bon DPX .357 Mag 125gr 1109 fps - 341 ft/lbs
Ruger SP101 (2 1/4" barrel)
Win. .38 Spl. 130gr (target ammo) 767 fps - 170 ft/lbs
Federal Hydra Shok .38 Spl.+P 147gr 894 fps - 261 ft/lbs
Cor Bon PowR'Ball .38 Spl.+P 100gr 1221 fps - 331 ft/lbs
Cor Bon DPX .357 Mag 125gr 1182 fps - 388 ft/lbs