To be effective, you need velocity and mass. For some reason, speed has always been the star when it comes to marketing. The key is to find good velocity casting a heavy arrow. A heavy arrow will maintain it's energy at distance whereas a light arrow will shed energy faster. Bascially, we are talking momentum. It that tortise and hare analogy.
A long time ago, I shot an arrow I made up that I was using in my 70@28" Strunk Spirit LB. The arrow weighed around 615 grains and was a Doug Fir shaft, had a 160 Grizzly BH and 3-Maxi fletch. I draw this bow around 27.5 so I figured I'm around 68#.
I shot this set-up into a lid on a 55 gallon steel drum @ 40 yds. The lid is 18 gauge (0.050" thick) low carbon steel. The 160 grizzly BH penetrated slightly over 1 inch into the lid and the arrow did not break. Still useable! The only damage to the arrow was the tip of the Grizzly had a slight bend, which was easily straighten on an anvil. BTW, this was a Grizzly head that was purchased when Elburg was making them. No modification to the BH.
My point is a 600+ gr arrow traveling maybe 170 fps has a boat load of energy. I could see this arrow plowing thru a shoulder of an elk with no problem. Bottomline, use top of the line components, balance out speed and mass and you will have all the energy you need. There is something to be said of the 9-10 grain per pound rule.
Mike