Just to be contrary, I have a .250"X6" diameter steel plate that was hung so that it'd swing when hit.
Hits from .357s left lead smears on the plate. Hits from .45 Ball left fairly deep impressions and considerable swing movement.
A hit from a .264 Winchester produced a slight 'ping', slight movement, and a hole where the surface resembled a photo of a moon crater.
That is ample evidence that the .264 over penetrates, the .357 underpenetrates and .45 Ball is 'just right'.
salty
By golly, thank you for scientific confirmation of what I knew all along.