I'm still studying armor penetration - trying to understand how much the caliber of the projectile mattered, and how much the design of the projectile mattered for different types of armor and different thickness. Soviets used homogeneous armor of high (or very) hardness, even late cast Soviet armor was high hardness, Germans used heterogeneous armor (with rare exceptions at the end of the war), Americans used medium to low hardness armor with a high proportion of cast parts, etc. In some cases APCR was optimal, somewhere only a high hardness cap was sufficient. In addition to armor properties, the ratio of core size and armor thickness mattered. All this is time-consuming, but I still want to get some kind of overview for myself.
Some of the things that came across during my research: scans of Soviet reports (terrible quality, unfortunately) on tests in early 1942 of 45mm APCR with different core materials and different projectile design, but the same geometry for each core material (tungsten carbide or high-hardness steel). It turned out that I was wrong: steel cores demonstrated much worse armor penetration and were never mass-produced - they were even banned from further testing.
A projectile with a more massive core had higher armor penetration but worse accuracy and was rejected.
When German shells were fired from a Soviet 37mm anti-tank gun in 1941, the armor penetration was superior not only to the original Soviet shells but also to that of Soviet 45mm shells.