If both bullets were the same caliber and fmj, would they penetrate to equal distance?
Maybe.
Bullet penetration tends to increase up to about 1200 fps. Above that, the penetration can start to deteriorate...depending on the material being penetrated.
Water, and therfore water based solids react to different velocities differently. Much the same way a water skier rises out of the water more and more 'till (s)he reaches around 42 miles per hour. At that point, water becomes a solid for a skier.
Bullets are different, of course, but it seems that the farther above ~1200 fps a bullet gets, the harder the water or water based solid gets.
So...
You bullet at 1400 fps is 200 fps above that ~1200 fps mark, and the 972 fps bullet is 228 fps under that ~1200 fps that seems to give the maximum penetration.
That said, only testing would tell you for sure.
Now, with that said,
While penetration
may be similar, a water based mass (milk jug full of water, small animal, etc) will most likely react more violently to the bullet's impact. When that water base gets harder for the higher velocity bullet, it also reacts more violently to enerty transfered to it from an outside force.
So the 972 fps bullet might slip through fairly easily, while the 1400 fps bullet will penetrate what becomes a more solid mass due to the higher velocity, and the damage can be more dramatic...
even if penetration depth remains the same.
Daryl