Based on my years of experience and this is predicated on shooting aluminum arrows, there are two things which make an arrow make a hissing sound on the way to the target. They are:
1) Ratty and worn feathers
2) Vented broadheads
I have eleven differently spined aluminum test arrows ranging in spine from 1916 to 2314. They are all fletched with 3, 5" parabolic feathers with eleven degrees of helical twist. Last Friday morning, the 2212 test arrow which I fletched one year ago, started to make a "hissing" sound on the way to the target with a field point attached. Before this, it had never made that sound. After looking at the fletching, one of the hen feathers was getting real worn and ratty looking. I took off the ratty and worn hen feather, re-fletched with a new one, let the arrow sit overnight, shot the arrow Saturday morning and no more hissing sound.
Ratty and worn feathers are usually the #1 cause of a hissing arrow in my opinion.