Dee says;
"My youngest does a lot of run and gun competitions on the east coast with his Green Beret team buddies. He was shooting 72 grain match ammo and was worrying about wind drift with lighter 556 loads. I told him that I've been shooting 55 gainers for almost 50 years and because of the velocity difference, I doubted there would be much difference. After trying my load preference he agreed."
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The .17HMR sure does get there faster than the .22 mag in 40 grain..and as you indicate..less time for the wind to push it around.
I searched and found a video where a fellow did test wind drift, and to further illustrate your point, the 30 grain .22 mag @ 2200fps, had less wind drift than the 40 grain .22 mag @ 1875.
https://www.youtube.com/watch?v=pAsEimnr2eU Still, we hear some folks claim that the 17 has more trouble in the wind.. Using both, I find the .17 more accurate,
at any time, while the .22 mag offers more "punch".
So, if you are hunting the same game (woodchucks?) with either, you sure can use the accuracy of the .17 so you can get better shot placement.