I don't know to be honest, I have seen a lot of target archers use a small loop under the arrow instead of the tradational loop with the arrow centered in it. Whether it makes an accuracy difference I have no idea. It does feel different though I tried it before.

One advantage to having the loop under the arrow I can see is if you are using a release with a hook designed for a loop you could get away with a shorter loop than if you had it behind the arrow. For a short axle to axle bow I would want to the loop behind the arrow myself. Probably doesn't make a difference though if it's set up right.

If you think about it most releases that use a loop on the release hook up under the arrow, maybe this is why target archers do it this way. That would give you the same feel as using a release with a loop on it. If you put the loop behind the nock it will feel different when you anchor and if you anchor to the same spot on your face it will change the direction the bow is pointed at full draw. You would also have to change the peep position slightly as well.

Paul