I highly recommend this layman primer (below) on sectional density (SD) and it's effects on overall performance of a projectile i.e. BC and penetration. The article gets very interesting near the end. Though this is "penetrating" the subject matter of terminal ballistics....ok bad joke! this subject is worthy of it's own thread in the ballistics section.
http://abesguncave.com/sectional-density-all-important-and-almost-ignored/
That type of a position is something I am familiar with, but the question that is not clear to me is whether penetrating body armor, be it kevlar or plates is a fundamentally different process than going through typical barriers like walls and car doors (and soft tissue).
A sort of an anecdotal piece of information I have some personal familiarity with is that the slow moving 7.62x39 goes through walls and other natural barriers a fair bit better than much faster moving 5.56x45. Sectional density of the much slower moving 7.62mm 123gr bullet is roughly equivalent to that of a 65gr 5.56 bullet.
However, in that case, with comparatively simple bullet construction, there may be an effect from a faster moving bullet deforming faster which impedes barrier penetration. Alternatively (or additionally) momentum may be a significant factor since 7.62x39, depending on specific ammo, does have abut 40-50% higher momentum.
As I said, it is not my field, so I'll ask some questions and do some digging. I do work largely with the DOD and prime contractors, so there enough people I can ask.
ILya