Ft lbs of energy is listed for advertising purposes
because the layperson thinks energy = terminal performance and demands to know. As for momentum, you can literally compare loadings by multiplying mass by velocity.
I have not found that penetration increases proportionately with energy, even adjusting for frontal area. Momentum was closer but still imperfect. When I asked Doctor Gary Roberts on his thoughts, his response was that he quite frankly disliked engineering calculations, and would prefer that people just shoot the bullet into gel and measure it. I am inclined to agree.
Energy is a poor predictor of performance because 1) it does not account for how the bullet may physically deform and upset and 2) it does not account for energy loss that does not contribute to terminal performance (heat transfer, friction, etc)
Momentum also cannot be taken as a face value measure of penetration, again because it doesn't take into account how a bullet may behave, and also how different
objects may behave and resist penetration. If, say, two bullets have differing mass values but the same momentum and frontal area, I would not expect them to perform the same through auto glass, body armor, or, indeed, bone.
I figured the M193 example would be sufficient demonstration, but I suppose a few more examples may be in order...
Hornady 220 +P gr Critical Defense has more energy and certainly more momentum than 147 gr HST. When fired through 4 layer denim, the difference in expansion bordered on negligible and penetration was identical.
147 +P HST improves on both momentum and energy compared to standard pressure, but sees no real increase in performance.
140 gr TAC-XP has far more energy and significantly more momentum than 185 gr +P TAC-XP, with little to show for it.
5.45 7n6 has similar momentum and energy to .223 55 gr FMJ, or M855A1 out of a shorter barrel.
Yet 7n6 has been observed to produce little damage beyond crushing effects in flexible tissue, despite penetrating similarly to M855A1.
External ballistics are not good measures of bullet effectiveness in tissue. Again, the better method is to just shoot the thing and look at what it does. In lieu of that, we can look at bullet construction, mass, and velocity
independently in order to guess what the projectile will do, but this is no guarantee of performance.