I've done some ballistic testing in wet clay, thanks to a gravel pit with a 15 foot clay overburden that kept falling to the base of the slope. It was similar to ballistic gelatin, but the wound cavity remained intact at the largest dimension.
It was very obvious that varmint bullets and non-expanding bullets didn't do much deep trauma. Varmint bullets penetrated just about 4 inches and made a large cavity. Solids, even .38 handgun wadcutters, penetrated deeply, but left a very narrow wound channel. Hunting .30-06 bullets, like Core-Locts provided deep and large wound cavities, obviously expending considerable energy from 4-12 inches deep and as much as 8 inches in diameter.
Damp clay isn't tissue and I can't claim direct performance equivalent, but it's been obvious in my many deer experiences that the performance of 150-180 grain Core-Locts and similar bullets get the job done and done well.
That said, I still like .277 diameter, 130 grain GMX and TSX bullets leaving the muzzle at 3150+/- fps. They shoot flat, expand well, and drive deeply. My latest 131 lb. deer shot at a slight angle with a GMX had the right lung blown to pieces and a big chunk of the liver gone before leaving a 1 1/4" exit wound. Blood was very noticeable at the spot and all the way to the deer, which ran about 50 yards and was dead when I found it. That was just two days ago. No lead in that venison!!!