It would depend.
In the MK7 .303 Ball round the projectile is designed with an alluminium insert in the tip to make it base heavy. When hitting a soft target like a person (which it was intended to be fired at) on impact the round tumbles through the body making wounds that have been compared to a chainsaw. It was designed this way because the round lacked the velocity (only ~2440fps) for effective hydrostatic shock. A conventional round would pass straight through the sofdt target.
The tracer round would not have this weight distribution so as the compound burnt out I would expect that it would become progressively nose heavy and probably over penetrate the target.
So who knows?
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