Penetration in say elephant vs metal/bricks/etc are not always similar. And I am starting to think that SD matters far less than bullet construction (ie toughness and stability after it hits).
If you check military manuals wou will see that max penetration against sandbags, concrete, and other hard materials is usually at extended ranges (5.56, 7.62, or 50 bmg doesn't matter they all perform better at longer range). After the bullet has slowed enough so it doesn't fragment, bend, or flatten when it hits.
So from a practical perspective a weaker cartridge might have greater penetration against say concrete at close range because bullet isn't destroyed on impact. Something to remember about backstops, what works up close might not be good at greater distance. IIRC 308 max penetration is around 600 meters.
I think we have learned enough about bullet performance on game to know that higher velocity requires tougher bullets (X's, failsafes, siwfts, Noslers, etc) to perform.
Old elephant cartridges all ran around 2150 fps and seemed to work well with FMJ.
Hardcast lead bullets work well in handguns and low velocity rifles like 45-70.
Old military cartridges (303, 7x57, 6.5's, 30-06, etc) with bullets moving 2050 to 2400 fps worked well with FMJ on Big animals like buff and elephant.
Remember the 416 Rigby was a high speed DG cartridge for the time, and it used slightly tougher bullets.
The 375 was designed AFAIK for thin skinned game. It was high speed for the technology of solids at that time. I think this is were some of the bad press about using 375 on buff and elephant comes from.