Those more knowledgeable than I can correct me here, but my understanding is that neither energy nor momentum are great predictors of effectiveness of a round on living tissue. Rather, the primary consideration is penetration and the size of a hole the bullet can cut (either through original diameter or expansion).
Living tissue is a lot more flexible and adaptive than ballistic gel and therefore does not suffer the same damage due to 'stretch cavity' that ballistic gel does. In other words, as I understand it, there is no such thing as a 'stretch cavity' or hydrostatic shock at the velocities of most handgun rounds (5,7 being a possible exception). My understanding is that hydrostatic shock does not really come into play until 2000 fps or so.
So when it comes to a handgun round effectiveness, you are mostly looking for the hole it cuts (i.e. wadcutters cut better holes than round nose) the diameter of the round through either size or expansion (i.e. some 9mm bullets can expand to the same diameter as a round nose .45) and the distance it will penetrate (preferably 15 inches in living tissue). Heavier bullets smash through bone better (this has to do with your momentum versus energy issue) and bone can mess with the intended expansion of an expanding bullet, so bigger heavier bullets are better in that sense.
It is my understanding that balancing all of these considerations has led the FBI to switch back to 9mm. Better bullet engineering has resulted in more reliable expansion and better penetration than in the past, plus you get more rounds in the magazine than other options.
In other words, momentum is more a measure of inertia, which does not help you determine a bullets performance until you also factor in diameter and velocity.