If you run it through a ballistics table you will see that the 40-gr never catches the 32-gr. The speed advantage of the 32 is 380 fps at the muzzle, 243 fps at 100 yds, 131 fps at 200 yds, and 41 fps at 300 yds.
At 400 yds the tables turn and the 40-gr is going 37 fps faster than the 32-gr, and at 500 yds it is going 101 fps faster.
But the travel times for the 32-gr are shorter even at 500 yds, and out to 400 yds they smoke the 40-grainers.
But here is the real killer -- in a 20 mph cross-wind (90 degrees) at 300 yds the 32-gr VMax will drift 19", but the 40-gr will drift only 2.5" less -- 16.5".
At 400 yds the 32-gr drifts 36", but the 40-gr drifts 31". Not nearly enough to worry about, especially given the other advantages of the 32 (travel time and scope jump).
Some will say, "who cares about travel time?" But every time I spot for someone I see a miss every now and then even though the cross-hair was perfect on the dog when the gun went off -- the jerky-moving little squirrel just happened to make a quick move right after ignition and got out of the way of the incoming missile.