When you posted your pic you didn't state that it was a handload, although I figured it would have to be. Winchester's design for that bullet calls for 1250 FPS of muzzle velocity, so you are clearly over-driving it. That's why it fragmented. Shoot a whitetail deer with that bullet @ 1570 FPS and it will likely over-expand and fail to penetrate sufficiently resulting in a very nasty wound that the deer is likely to take a very long time to die from. Game is the intended purpose for the Winchester load, but at medium velocity so it will provide the necessary penetration. Do you think that Winchester doesn't understand how their own bullet performs? Try shooting that 1570 FPS load through 4 layers of denim and into ballistic gel and see what happens.
At their factory rated velocities, the M&S data showed the medium velocity Silvertip loads in .41 and .44 Magnum to be about the best stoppers in their respective calibers. Winchester actually recommends the .41 Magnum load for defense as well as game with a 175 gr. Bullet also at 1250 FPS (607 Ft/Lbs). The reason is the softer, thinner aluminum jacket used in the bullets construction. The heavier copper JHPs are a different matter, yet 481's calculation using the Schwartz mathematical model predicted expansion and penetration without so much as any consideration for jacket material.
In 1986 when the "Miami Shootout" occurred, one of the perps took a 115 gr. Silvertip that expanded as advertised but failed to penetrate deep enough to incapacitate, and even though the wound was deemed unsurvivable, the perp continued to fight killing additional FBI agents. If the FBI had followed the lead of the Secret Service and Illinois State Police and used the heavier constructed conventional copper jacketed 115 gr. bullets used in both the SS(Rem) and ISP(Win) +P+ loads, the fight could have been stopped when the perp was shot. The only two loads I would even consider for using the Silvertip design for defense would be .41 and .44 Magnum and at medium velocity.
I've done my share of water jug testing as well, and any JHP bullet driven to sufficient speed will have impressive expansion and many will still provide adequate penetration. That's why I don't use it as a test medium. I really don't care what testing the FBI does because the only one that's relevant for civilian shooters is the 4 layers of denim test. But by all means continue. Try shooting that 1570 FPS Silvertip .44 magnum load and see how well it stands up to sheetmetal and autoglass penetration.