The trend over time is that the shortest arrow that you can get a clean launch with will do best. Every year, I go out and shoot and catalog the performance of arrows with a shooting contraption that maintains a fixed draw length, shooting angle, and measures the launch speed. Each year, my best flying arrows got a little shorter. I used to think the arrow with the smallest diameter should do best, but a shorter arrow of the same mass with a thicker maximum diameter always did better as long as the arrow tapers to the point and same diameter nock end as the longer thin arrow.
Last year I finally ran into a bit of a limit where the arrow was too short and I could not get as clean a launch. This because I was overdrawing the arrow about double the arrow’s length.
Alan