That's a more interesting question than you'd think
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In terms of raw energy, no. In terms of effectiveness...in my opinion YES if you pick the very best 38+P loads.
Follow along with:
http://billstclair.com/energy.html
The Speer Gold Dot 135gr 38+P is among the best 38+Ps. It's a 135gr slug doing about 875fps or so from a snubbie (read: 2" barrel). That gives you 229ft/lbs energy.
Speer's standard-pressure 9mm 115gr Gold Dot is rated 1,200fps from the muzzle, and most standard-size handguns (Glock 19 or broadly similar, 4" barrel or so) will drive it that fast. That's 368ft/lbs energy.
BUT!!!
The "lowly" 38 has an interesting advantage. It's nose shape doesn't have to make compromises to be crammed up an autoloader's feed ramp. So the Speer 38 nose cone shape involves a truly massive hollowpoint, which in turn aids expansion reliability. The autoloader nose shape has to be more rounded with a smaller hollowpoint cavity, otherwise the gun would jam up.
So in terms of expansion reliability, the 38 might actually have the edge. I consider these two loads about equal in stopping power with a possible small advantage to the 38 for it's slightly more reliable expansion, esp. if you're dealing with heavy clothes (winter?) and the possibility of the hollowpoint cavity plugging up.
Now factor in one more thing. Tim Sundles of Buffalo Bore ammo. He has one particular load that's just hell on wheels out of a 38 snubbie: a 158gr all-lead hollowpoint +P that does an honest 1,000fps
from a snubbie. That's 350ft/lbs energy, right up into 9mm territory. NOT for use in ultralight or antique guns(!) but in something reasonably modern and weighing over 15oz, this is the absolute king of the hill monsterload in 38+P.