The older Amax does auch better job of penetrating, and I have shot lots of game with it in various calibers at ranges from 15 yards to 380 yards with no issue. In speaking with the guy who answered the phone at Hornady, he implied but wouldn't come out and definitely state that the EldM is the Amax with a new tip. I shot a doe at close range a couple of weeks back with an EldM and it seems to be true. It broke bone on the way in and exited the far shoulder. If I had needed the blood trail, it was there.
I’ve seen a pile of game killed with various models of the old AM and the newer ELD-M. Terminal performance is very similar in all cases, with moderate wound channels, deep penetration, and typically an exit.
I remember sending a 162 AM launched at ~3100 fps through the shoulder blades of a broadside MD at 20 yards, and was surprised to see a moderate wound channel and 1-1.5” holes through both blades and a 1.25-1.5” exit. Another memorable 162 AM was sent at 2650 fps through a quartering bull moose at 150 yards, and penetrated the onside ribs, vitals, offside shoulder blade, and left a 1.5” exit. The bull took a couple of steps and went down.
The same has been the case for myself and family members and friends with the 147 ELD-M from various 6.5 CMs at ~2650-2700 fps at the muzzle, on numerous elk, MD, WT, PH, etc. We have had exits in each case, even on quartering shots. I’ve seen more game killed with the 147 ELD-M than the 127 LRX, but yet we’ve managed to catch more 127s (3 so far) than 147s, surprisingly.
