The context is critical.
Most often, the context is the FBI penetration tests. The thing about the FBI penetration tests is that they provide a hard threshold. Pass the threshold and the FBI (and therefore most of American LE as well as a lot of the people who follow the FBI's lead) consider that ammunition to be suitable personal defense. If the threshold isn't met then the round isn't considered suitable for personal defense.
So, let's take 3 handgun calibers, A, B, and C.
Let's say that A and B vary only slightly in terms of energy, momentum, and bullet diameter but A can not meet the threshold established by the FBI's testing protocol.
Let's say that B and C are quite different in terms of energy, momentum, and bullet diameter and both meet the threshold established by the FBI's testing protocol.
Then A would be considered to be unsuitable for personal defense even though it's quite similar to B.
Both B and C would be considered suitable for personal defense even though they are quite different from each other in just about every way possible. Does that mean they are considered to be equivalent? No, it means they are both considered to be sufficient.
That is an overly simplistic view. One sadly perpetuated by fans of jello testing as a sole tool for determining the best ammo. Of course, I would be remiss if I did not mention that the bullet is really a very small percentage of the total solution.
Bullet construction is equally as important as is energy, caliber or bullet diameter, within reason.
A couple of cases in point. LAPD Officer Lim was shot piont blank in the chest with a 110 grain Winchester 357 magnum. The bullet went thru her heart. Had that been a Remington bullet she likely would have not survived. Why you ask? The Winchester held together, similar to a bonded bullet, A Remington with its thin semi jacket is known to fragment.
A friend of mine shot a carjacker with a +P 45 ACP 230 grn Gold Dot, which literally blew a 3/4" hole thru his heart. He expired after running three blocks.
Long before the FBI protocol was a thing the 357 magnum was working with boring regularity. Even with the FBI protocol people are still soaking up multitudes of service pistol bullets.
Before you go there, yes every gun, cartridge , caliber combination has had failures. I tend to pick the combo's that have the most consistent track record on the street. The lab only gets you so far with theory.