I always thought about SD as being how much caboose is back there pushing the train...
If two bullets expand equally, but one has a much higher SD... isn't there more "shank" pushing the mushroom of the higher-SD bullet through the animal?
Or, imagine two semi trucks in a head-on collision. Both have the same tractor, but one has a short trailer loaded with whatever, and the other has a long trailer loaded with the same whatever. The longer one would "penetrate" deeper... wouldn't it??
An honest question... just wondering if I'm visualizing things wrong.
Where I think you are correct, 338Fed, is that lead-core bullets tend to shed bullet weight... thus rendering SD sort of irrelevant compared to a bullet that doesn't shed weight.
But all else equal, a higher-SD bullet will penetrate deeper. I hope I'm not wrong about that because MAN that makes sense to me! :-)