Shot from my .45-90, the NF and Punch seemed to penetrate roughly the same; on a 20 yard frontal brain shot on ele bull, they both shot through the head and into the body. The Punch was 430 grains at over 2000 and the NF was 450 grain at 2000 fps. Since my .45-90 has driven the 450 Kodiak at 2150 fps, it could likely reach at least 2100 fps with the 430 grain Punch.
In a friends' 1886 45-70 from 50 yards, the punch shot through a 5/8 inch steel plate in the shape of the upper body; we usually use that swinging plate for pistols, but "boys will play".