It has been my observation that an arrow which is flying well and straight (minimal disruption on the "paper test") will penetrate well. An arrow that strikes at an angle or while "snaking and porpoising" will not penetrate very well.
Also has as much to do with tuning and flight as it does with bow poundage. And, of course, sharp heads penetrate better than dull ones.
I shoot two-edged heads; but mostly because I know I can get, keep and return them to sharpness easily. And when the shot is done I want a hole on both sides of the deer no matter what.