An M16 bullet has a muzzle energy of about 1,309 ft·lb and an effective range of 600 yards. However, because the initial speed is so high (Mach 2.7!), most of the muzzle energy is disipated due to drag.
On the other hand, an arrow used for hunting the toughest game (Cape Buffalo, Grizzly) needs kinetic energy of only 65 ft·lb. and has a range of only 22 yards.