if a pin is sighted at 20 yards and you take 10 yard shot, the arrow will hit above the pin.
Bullet or arrow is acted upon by gravity the instant it leaves the barrel or rest.
At that instant it starts dropping relative to the barrel or rest.
To zero at 20 yards, the bullet or arrow must be pointed slightly up so that it arks to the zero point.
When you shoot inside that zero point, the projectile is still climbing in the arc and will hit high on the target if that aim point for a further out target is used.
This is always true except in the case where you zero something in close and the arc will intersect the aim point at 2 places as in the case of an AR-15 zeroed at 50 meters.
The bullet will hit at 50 meters, then an 100 meters it will hit 2 inches high and then at 200 meters it will hit point of aim again. This has to do with the fact that the drop in the bullet is less than the distance between bore and how far above the bore the sights are.
But an arrow is very slow and will drop fast over distance.
With my pin zeroed at 20 yards, I must aim 2 inches low to hit where I want at 10 yards, otherwise, the arrow will hit the target 2 inches high using the 20 yard pin.
ETA: at a very very close range ( and this is dependent on velocity of projectile and the hight above bore sight that the sights are ) the arrow will hit low relative to the pin, but it would be only a few feet in front of the bow.