Federal .32 H&R Magnum 85gr JHP is a pleasure to shoot in an LCR (five shot chronographed velocity from an LCR: 1229 fps).
Fiocchi .32 Long 100gr lead wadcutter was like shooting a BB gun (five shot chronographed velocity from an LCR: 599 fps)
A .38 Special 148gr wadcutter has a sectional density of 0.166, and when propelled at 600 fps will penetrate about 18-inches (per Duncan MacPherson's book - Bullet Penetration: Modeling the Dynamics and the Incapacitation Resulting from Wound Trauma, Figure 10-2, Cylinder Bullet Penetration Depth, Curve B, p.247).
The Fiocchi .32 Long 100gr wadcutter has a sectional density of 0.147. Unfortunately MacPherson's Table 10-1 (p.244) doesn't include this bullet caliber or weight, but if one uses "Curve C" for a 9mm 130gr cylinder (wadcutter) bullet (which has an identical sectional density of 0.147), then Table 10-1 (p.244), and "Curve C" in Figure 10-2, shows a penetration depth of 15-16 inches for the Fiocchi .32 Long wadcutter at 600 fps.