This can be tested by using two milk jugs filled with water, shoot one with a gun and the other with an arrow. The bullet explodes the jug, the shock effect and the arrow pass through allowing the water to leak out, the bleeding effect.

[quote]
I believe the bullet is a more efficient dumper of its energy into the target. That is why a deer will sometimes not know it has been shot on a pass-through. The arrow's shock to the animal is often not very high if no bone is encountered. A bullet uses shock to kill(as well as destruction of tissue), whereas an arrow uses the cutting and bleeding to kill. Just my thoughts./quote]