Continuing his series of caliber testing vs. stacks of sheet metal plates, Edwin Sarkissian uses a Taurus wheel gun to bat first .357 Mag then .38SPL for comparison.
Against the table of 24 gauge sheet metal flats, Sarkissian uses a 125-grain Underwood .357 against Winchester white box 130-grain .38, both standard velo FMJ.
Looking it up, Underwood specs their load at 1,700 fps/802 foot-pounds while Winchester’s load is a much more sedate 800fps/185 foot-pounds, so yeah, it shouldn’t be much of a comparison. In fact, you could argue the .357 is twice the round, spec-wise.
Which is illustrated pretty well by the number of plates the magnum load zips through in comparison to its shorter companion.