A pulley assembly for a compound bow comprises a draw cable pulley rotatable about a first axis, a mounting member attached to the draw cable pulley and adjustable among multiple positions, and a power cable pulley attached to the mounting member and adjustable among multiple positions about a second axis. Movement of the mounting member shifts the second axis relative to the first axis. Movement of one or both of the mounting member or power cable pulley alters one or more of the bow's draw force curve, draw length, draw weight, or stored energy.