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Ballistics for 38 and 357 are VERY well defined. In general, the usual 357 loads are in the 400+ ft-lbs of muzzle energy and the 38's are in the 200+ ft-lbs of muzzle energy. I wouldn't want to be shot by either. But the 38 is analogous to many 380 loads which is about half of the 9mm power levels. I wouldn't want to be shot by either of those calibers as well.38spl use to be considered maginal, but with modern ammo this not true. Ask around and do some research, I think you can find some very good, no great, ammo in 38spl, some especially made for 2" barrels.
There are some excellent 38 sp rounds you can get from different suppliers. Here is one example from Buffalo Bore that I have for my SP101 along with other woods rounds:
38 SPL +P OUTDOORSMAN
158 gr. Hard Cast Keith @ 1,250 fps
20 Round Box
➤ 1255 fps -- Ruger GP 100, 6 inch barrel, 357 mag.
➤ 1186 fps -- S&W Combat Masterpiece 6 inch barrel, 38 SPL (circa 1958)
➤ 1146 fps -- S&W Mt. Gun, 4-inch barrel, 357 Mag.
➤ 1167 fps -- S&W Mod. 15, 4 inch barrel, 38 SPL (circa 1968)
➤ 1112 fps -- Ruger SP 101, 3 inch barrel, 38 SPL
➤ 1043 fps -- S&W Mod 66, 2.5 inch barrel, 357 mag.
➤ 989 fps -- S&W Mod 340PD, 1 & 7/8 inch barrel, 357 mag.
➤ 1027 fps -- S&W Mod 642 (pre-dash), 1 & 7/8 inch barrel, 38 SPL
38 SPL +P OUTDOORSMAN
38 Special +P OUTDOORSMAN - 158 gr. Hard Cast Keith @ 1,250 fps - 20 Round Box
www.buffalobore.com
In my SP101, it musters about 400 ft-lbs of muzzle energy which is HUGE for 38 sp. In my Ruger GP100 with 6 inch barrel, it musters 577 ft-lbs of muzzle energy all from a 38 sp!!! So, yes, there are some VERY good loads available for 38 sp, but the 357 loads from those same companies will always exceed the 38 sp. This BB round is very popular and often available only on backorder.