Arrows - type, material, quality - question

[Barandan]

I've recently started playing a Hunter char and have a question about the arrows. Within a given type does the material or quality make a difference?

For example, a Master arrow, I could spend from 528 to 616 gold.

528 gold, bone material, common quality, 39-51 damage
556 gold, bone material, superior quality, 39-51 damage
586 gold, hard wood material, common quality, 39-51 damage
616 gold, hard wood material, superior quality, 39-51 damage

Different materials and qualities, but they all say damage is 39-51 piercing.

Do the cheapest tend to deal out 39 and the most expensive tend to deal out 51, or are you just wasting 90 gold?

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Also for a fixed budget, let's stick with the 586 gold, I could buy:

Master arrow, hard wood material, common quality, 39-51 damage
Viper arrow, bone material, common quality, 40-54 damage

Is the Master arrow's better material going to give it an advantage, or do you just stick with the better damage of the Viper arrow?