Ballistics are a lot more complicated than most people let on. It's more than KE, more than velocity, more than diameter, more than mass, more than penetration. It really is more than can be concisely explained on a forum like this with any hope of anyone understanding it all. There are too many variables, and to really accurately describe it in terms of physics, you need to use calculus (not all the algebraic formulas people throw around). Obviously, shot placement is key no matter what you're using. Then there's knowledge of anatomy & physiology and the pathophysiology of penetrating trauma. All of these things are difficult to sum up in one post in any intelligible way.
If your round has a ridiculously high KE (kinetic energy), it won't do much good if you hit a non-vital part of the body and the bullet comes out the other side. Of course, if you hit the guy with a BB gun, then it won't penetrate enough to do any damage, even if you hit right over the heart. But, if you shoot dead center in the abdomen and miss all vital organs but somehow your bullet goes straight through the vertebral bodies or intervertebral disc spaces and hits the spinal cord, then penetration is key. Again, you're back to shot placement. If you penetrate 1 foot of subcutaneous tissue, it's not much different than penetrating 4 inches. But if you're in the thorax, and you go in half an inch vs. 3 inches, that's a huge difference between penetrating the heart or lungs and not. Again... shot placement is key.
Momentum, as someone else mentioned, also factors in for "knock down power". Basically, for "knock down power", you want all of the momentum of your bullet to be transferred to the assailant's body. Therefore, in that case, you want the bullet to stay inside the person. Think about it like this... if you shoot a paper target, the bullet goes right through without ripping the target off the target holder or losing much of its momentum. But if you shoot something like a small wood block, it goes flying. The momentum is going right through the paper, but getting transferred more to the wood and slowing down the bullet.
In short, shot placement is the most important factor. All other desirable characteristics of a bullet vary depending on where the shot is placed. I suppose if you're going to penetrate all the way through someone no matter where you hit, then I guess that's better in that if you're over a vital spot, you'll go through it and damage it. But, your misses will be equally inept as those from a BB gun.
Pretty much all calibers .380 and up will easily kill a person who is not wearing body armor with good shot placement. Even a .22LR can kill if you hit in the right place. Shot placement trumps caliber, kinetic energy, penetration, etc. It doesn't take much distance to penetrate the lungs or heart. It depends if you hit a skeletal structure first. In the abdomen, it depends how fat a person is as to how difficult it is to penetrate the peritoneum.