The following is part of an article that by Mac who knows what he is talking about and I think it explains a great deal.
My experience with both types of bullets, (bonded and none bonded partitions) on very large mean animals that require some killing to stop.
This may not mean anything to an elk or deer hunter, but I think it may shed some light on the subject. The two partition type bullets most commonly used on heavy animals are the Nosler Partition (Unbonded), and the Swift A-frame (Bonded). For this comparison we will take cape Buffalo, which have a hide and bone that can do some real damage to a bullet. and require a lot of penetration to get to the vitals, and beyond.
The only one shot kills I have ever experienced on Cape Buffalo have been with a 300 gr Nosler Partitions from a 375 H&H, while all others required at least three shots regardless of bullet type, or caliber. The Swift A-frames are used a lot by client hunters on Buffalo in Africa, but are not well liked by most PHs there. The fact that they are bonded makes the form a mushroom type expansion, that is very smooth, and does far less tissue damage along the wound channel, than the same weight Nosler Partition, which framents the front part of the bullet, spreying shrapnell throug the lungs, and heart even if it misses the heart by a little. The penetration of the bonded A-frame may be a bit more than the Partition, but I haven't seen it if it is.
I shot a Cape Buffalo bull just where the neck meets the shoulder and low in line with the heart/lung area, and aimed at the off side hind leg. The Partition entered about 10" above the brisket, ripped the top of the heart to shreds, and part of the front of the right lung, and totally destroying the left lung. rangeing into the paunch, filled tight with grass, and ended up just under the skin in front of the left hind leg. Killing the buffalo in 30 feet where he went down on his nose. The bullet is in front of me as I type this, and it lost most of the front half of the bullet, but the back took it all the way to his hind leg, about 4 1/2 feet of penetration, and the damage was extensive.
I think the bonded core bullets are fine on deer elk, and moose, but on the big "bite backs" make mine a Nosler partition if it is available in the caliber I'm shooting.
The penetrations tests like the one posted here are not very valuable, as an indication of what a bullet will do on animals, but they are fun to do anyway. That would show a better indication if the jugs had been closed in between two one by six and fronted with about 8 inches of wet news print, then a piece of 3/8ths inch plywood soaked for a few days before the test, then aboth three jugs, aniother piece of the 3/8th s plywood, then 8 inches of wet news print on the other end of the column. This would have more closely duplicated a broadside elk or moose, or with more added a length wise shot on a big elk.
I like to see the results of this done a little differently, though nothing will actually duplicate an elk but an elk!