Firstly I wouldn't consider the .22 WMR as a first choice for coyote.Secondly,only if I was mandated by law to use rimfire,would I consider the .22 WMR.
Of the two choices that you have offered in your post,neither would be ideal.There are two better choices.The CCI 40 grain Gamepoint #0022 has proven to be a superior performer where deep penetration is desired.Also the Federal 50 grain hollow point #757 has shown superior penetration.
If all you have is the 40 grain hollow point or the ballistic tips [v-max] I would choose the hollow point as the ballistic tips are designed for rapid expansion.
You might also want to test the Remington 40 grain soft point #R22M2 as they have also displayed deeper penetration than hollow points.