Was shooting my Beman MFX classic 600s last night out of a 45# Toelke Whip into brand new high density foam target (I have access to lots of upholstery supplies). The arrows were all identical with the only variation being the tip:
Arrow 1: 125 grain field point
Arrow 2: 125 grain muzzy phantom 4 blade
Arrow 3: 105 grain muzzy phantom 2 blade (4 blade without the bleeder)
After dozens of shots and swapping tips across 8 identical arrows I made two primary observations:
1. The field point consistently penetrated 6 inches less than either one of the broadheads.
2. The 4 blade and 2 blade were very close but the 4 blade consistently penetrated a bit (less than an inch) deeper than the 2 blade
I was a little surprised, but just another data point.