I think the answer that a 177 will out penetrate a 22 at the same energy, and with the same design of projectile is right but I haven't had the guns to try this exactly, I do not have a 177 except for a pump up Crosman pistol and it is really low energy - no way to make my 22 that low. But my Prod, my 22, will penetrate as far in wet paper as my 25s despite much higher energy in the 25s IF I USE AN EXPANDING PROJECTILE IN THE 25s. Sorry for the caps but many seem to assume that you can get expansion without giving up penetration and I am confident this is not the case. My P35, when shooting H&N 27 grain slugs, will penetrate about 2 inches into wet paper just like my little Prod shooting H&N FTT domed pellets. The P35 is 35+fpe, the Prod 16-17 fpe. So roughly twice the energy for equivalent penetration. With a FTT domed pellet, the P35 will penetrate at least twice as far.
A 39 grain slug in my P35 doesn't expand so it penetrates about like a domed pellet.
I also tested a knockout slug from my Avenger, about 45 fpe, and it also penetrated about like domed pellets from my Prod. So nearly 3X the energy.
I like the ballistic coefficient of slugs but I do not like the hollow point design that predominates and the somewhat uncertain penetration/expansion. For targets where very little penetration is needed (i.e. small birds) they should work great. But even for a squirrel, I am not sure I want to use them. Maybe my 25s which are "overkill" for squirrels which is true with domed pellets, maybe not so much from a penetration standpoint with slugs. But if they do not expand they will penetrate plenty far enough and if they do, the hole will be bigger - but 25 caliber if plenty big enough.
Anyway, long rambling point to say projectile design is a big deal with respect to penetration.