I found this article by the caravan & camping club of S Australia
Its a bit long winded but worth a read:-
WIND DEFLECTORS
A wind deflector on a car can possible arouse more discussion than any other caravanning accessory. It is difficult to find someone who has tried a deflector to state other than that it is beneficial. Yet the simple truth is that some deflectors do more harm than good.
It should be remembered that anything which is attached to the roof of a vehicle, whether a pack rack or wind deflector, increases the fuel consumption. If, for example, a wind deflector increases the wind resistance created by a car by 10% then the corresponding resistance on the caravan must be reduced by at least 10% before any advantages can be expected.
Aerodynamics is a very complex science and the way that people think air behaves is reflected in the various deflector designs. Because of many different caravan and tow vehicle combinations there is unfortunately no readily available formula for calculating deflector dimensions.
Experience has shown, however, that if some basic requirements are met, wind deflectors do work.
Size: The effective frontal area of a deflector should be approximately 65-70% of the area of the front of the caravan which is above the roof of the area of the front of the caravan which is above the roof height of the car roof. It should be appreciated that the effective frontal area depends on the angle. A piece of material 1 m x 1 m has an effective frontal area of 1 ml when standing up straight but only 0.5m' if positioned at 45'.
Shape: A straight deflector will only lift the air that actually comes in contact with it. The air passing along each side will still flow back against the front of the caravan. To overcome this the shape must be such that it not only lifts the air but also spreads it so that it will flow either side of the caravan. This means it should be either curved or "V" shaped.
Angle: This should be at least 45' to supply enough lift for the air to flow over the top of the caravan roof. If the angle is obtained by the 'line of sight' method, then the air stream will not reach sufficient height to clear the roof.
Mounting Position: A deflector should be mounted as far back as possible on a vehicle roof. The greatest and most uncontrollable factor reducing efficiency of a deflector is the gap between the deflector and the caravan. The smaller this distance the more efficient a deflector is likely to be.
Method of Mounting: Because of the high wind pressures a deflector is subjected to, it must be securely positioned on at least four places on a vehicle roof. Any deflector mounted on only one bar or two mountings will place excessive loads on the mounting points.
From the previous points it can be appreciated that some deflectors are obviously more effective than others. One way that a deflector's effectiveness can be judged is to observe if it keeps the front of the caravan clear of insects. Besides a decrease in petrol consumption, a well designed and positioned deflector will also provide more stable towing, less buffeting from passing vehicle and lower engine operating temperatures.