Realistically, neither are of concern with the average centerfire rifles and loads available today, and besides, KE is a direct function of velocity.
Before you flame on think about it:
At what velocity do you need penetration? I would suspect you would achieve a complete passthru at around 300 fps or so. Most modern rifles travel around 2500-3500 fps. Way more than enough even out to a mile. Granted, the bullet wouldn't even expand at that velocity, but the critter would eventually expire if hit well. Besides, velocity has nothing to do with penetration anyway. Penetration is all about bullet construction.
energy: now this is a little more important, but again irrevelant with modern centerfire rifles versus deer. I think you need around 800 ft-lbs for a reliable whitetail kill. Again most modern rifles produce a minimum 2000 ft-lbs at the muzzle. Heck, my 300 ultra delivers 2000 ft lbs at 700 yards.
A better question would be which is more important: velocity versus mass. And then you get into the debate whether a slow heavy bullet outperforms a light fast bullet. And that debate has been going on for decades.