Currently, HEAT shells used by armored vehicles are over-performing against infantry. Starting with the M8 Scott, its HEAT shells have similar splash damage to the HE that it uses. Meanwhile the premium Panzer IV E has HEAT shells that have more splash damage than its HE. The effect of shaped charge ammunition against infantry was also exaggerated in the “Modern Conflict” event, the HEATFS shells had massive splash damage, and could even kill infantry through walls. The performance of the shells against infantry seems to align with their respective explosive mass values, but as if they were all HE. The problem is that shaped charge shells focus majority of the explosive energy into whatever they hit. They are meant to penetrate armor, therefore they aren’t supposed to deal splash damage to the extent portrayed in game.
Also, side note, it would be nice if the Panzer III N received HEAT shells instead of its poorly performing APCBC shells which only have like 50mm of penetration, maximum. Its counterpart, the M8 Scott can damage Pz. IVs frontally, meanwhile the Pz. III N can only damage the M4A2 through the side at a medium range (I am aware of ammo rack weakspot between the bogies, though it is not always accessible, and it can be a challenge to hit from far because of the shell’s low velocity), and it can only damage the Jumbo through the bogie weakspot or rear hull.