No. Wood does not penetrate as well as carbon. That's the only thing that I find that wood doesn't have going for it. I love wood arrows. That's all I've shot and hunted with for the past six or seven years. All else being equal- weight, tune, broadhead, and bow poundage- carbon will out-penetrate wood. I admit it, I HATE to, but I admit it.
I'm the person RC's talking about, pull up a chair.
My younger brother has a hog problem on his farm. Given permission to hunt them after deer season closed, I went after them. I HAVE NEVER HAD ANY PENETRATION PROBLEMS WITH WOOD ARROWS ON DEER AND SMALLER(<150LB.)PIGS. I've killed several of both. My arrows are always over 550gr.from bows 45-52lbs. Broadheads vary-I like woodsmans and two-blade deltas.
Day one- I crept in on two big boars fighting over a hot sow. I was within 10 yards of both. As the smaller of the two turned broadside, I let him have it. My arrow struck him in the side about two ribs back and He simply grunted loudly and WALKED OFF. I heard my arrow break as he hit the swamp. I heard him fighting again five minutes later as I was standing there holding 25" of a 29" arrow. I knew better than to even look for him, I did no real damage. Two days later I was in a creek bottom, same situation. A fight was happening and I got the wind right and crept over to it. At no more than 15 yards A big boar was standing on the side of the creek bank and I drew and hit him-hard, right behind his shoulder-midline of his body.That shield stopped my arrow cold. It's like shooting through the side-wall of a large tractor tire or something. Anyway, the pig made a tight circle and trotted off, breaking my arrow as he left. Again, I was left with most of my arrow and a non-lethal arrow. That happened one more time before I got tired of creeping to within spitting distance of these big hogs and making a good shot and having nothing to show for it. So- I changed up a little bit. I went home and tuned my 45# recurve to shoot a 3555 gt blem with 300gr. in the front. I had them shooting like bullets out of that recurve. I went back to the farm the following Friday evening and within 30 minutes a got on a pretty nice stinky old boar. As he came up out of the thicket and into the pine trees I shot him at twelve yards or so, right in the ribs behind the shoulder. The carbon arrow dug in to the fletchings and the Grizzly broadhead stuck out the far side shoulder a pretty good ways. He died in a creek 75 yards away. Nothing changed about the whole situation except for the arrow. And the boar was just a tad smaller than the previous ones. I love my wooden arrows, but the fact is that carbon just penetrates better. And RC is right, and I don't like to admit it. LOL. So, shoot your wooden arrows and have fun, man. They will serve you well and there's nothing not to like about them. People say "wooden arrows will kill anything on this continent", and that is true. Carbons just do a better job on bigger boars that have that thick, nasty shield. And that, my friends, is what happened.