I don't think there's any clear-cut answer to the question.
I think PLACEMENT is the critical issue not addressed in this discussion -- which is why some .22 and .32s rounds are very effective, in some situations, and almost useless in others.
Seems as though the more tissue, organs, and bone structure disrupted, the greater will be the likelihood of blood loss, crippling damage, or shock -- all of which can be dibilitating.
Penetration alone is damaging -- but only if it hits or goes through something vital. A shot through just muscle alone may be more painful than anything -- and against an experienced opponent, or someone on drugs, it may not have much effect.
Expansion alone is damaging -- if it's someplace that matters. A big hole (larger caliber or bullet that has expanded) is more likely to be harmful than a small one, but again, if it's thorugh the thigh without hitting bone, it may not matter that much..
It those penetrating, large or expanding rounds end up in a leg, or in the person's stomach, without hitting a liver or kidney or the spine, he or she is likely to still be a danger to you long enough to do you harm.