Varmint Al has some terminal impact test results on his web site, it's pretty obvious that the CCI TNT/Speer Hollow Point penetrates better and doesn't fragment on impact like the Vmax bullet does, so for bigger, tougher critters, the CCI TNT/Speer HP would be the better choice between the 2, but before I chose the CCI HP, I opt for the 20gr XTP or GamePoint loads, then you not only get penetration, but controlled expansion and maintain bullet integrity with no fragmentation. On small vermin like ground squirrels the difference between Vmax and HP is quite different at 100yds, the HP makes 22Lr like holes and the Vmax makes quite an exit wound, 2 to 3 times the size of the CCI HP rounds.
http://www.varmintal.com/17hmr.htmIn the pic below, the CCI HP on the right shows the jacket is quite a bit thicker than the Vmax on the left and the hollow part of the core is smaller in the CCI.