A couple of things to think about regarding the HVAP:
Forget any formulas. If we were speaking objects with the same area then sure, but not only are the projectiles different in weight, they differ in shape and hardness as well.
The other thing is regarding the HVAP vs "soft" skinned gv's (M3, LVT, M8, M18, etc), forget any comparison against them between the AP and HVAP, the same data applies. Instead, compare AP vs HE.

FYI: I strongly suggest the use of HE against those "soft" skinned gv's, a near miss will blow tires, damage engines, throw tracks, or damage turrets. Then, if need be, us an AP round to finish the job but in most cases an HE round will get the job done.
Now on to the main topic-
at ranges further than 1200 yards, the AP round is better. You can see the similarities between the AP and HVAP at 1000 yards in the data that HTC provides in the hanger (right click selected tank/TD and then on "Vehicle Armor"), but if you reference actual AP charts from WWII you will see that 1200 yards is about the threshold for both the 76mm and 85mm AP rounds to overtake the HVAP is AP ability. NOTE: Just because the HVAP round can penetrate the armor does not mean it can do more damage internally to the tank. I can not vouch for any of the coding, but it sure seems like I get more "no damage" hits with HVAP than I do AP. Food for thought.