The simple physics formulas are:
Ke = 1/2 (m) ( v^2) where Ke is kinetic energy, m is mass, and v is velocity
P = mv where P is momentum, m is mass, and v is velocity
Of course, if you are looking for units of (lb)(feet)/sec then make sure you use those units in your measurement or convert them accordingly.
Momentum is the more important factor because it reflects loss due to things like sounds and friction more accurately when considering penetration. Friction affects v while mass is unchanged. If v is squared (as in the Ke calculation), then it will show the effect of the loss more than if it is not squared (as in momentum). Both are conserved consistently throughout the flight and impact of the arrow, but momentums are easier to compare. Ke is not because it is nearly impossible to calculate and thus compare the effects of friction and such.
Remember, all of these values are instantaneous. That way we keep the calculus out of it!
Hope that helps!