

The lower the energy which the shell retains, the lower its horizontal speed when its vertical speed is zero (so when the shell reaches its maximum altitude) and hence the steeper the angle of descent when the shell finally impacts.

The other way around the lighter the shell, or the worse the air drag, the more energy would be dissipated.

The better (lower) the air drag (shell’s shape), and the heavier the shell (for a given shell shape and volume) the less energy will be dissipated by friction with the air during flight. If you cannot follow iChase’s perfect explanation, then pick a book and study a bit of elementary physics… parabolic shots and so on.
