If you fire the muzzle of gun straight up on a windless day, gravity helps air resistance subtract from bullet velocity, but does nothing to pull the bullet out of line with the bore axis. When you shoot horizontally, gravity works only to pull the bullet out of line with the bore axis, but has no significant effect on how fast it gets where it is going. When you angle a shot, however, part of the gravitational effect is on the bullet’s velocity and part pulls it below the bore axis. Because gravity’s acceleration is a force normal to the earth’s surface, the effect may be quantified by vector trigonometry as described above. The result of that trig will be the bullet drop equals the horizontal drop for the same target range multiplied by the cosine of the angle above horizontal. You want to aim lower by the difference between that adjusted drop the drop you got on the horizontal plane. In other words, multiply horizontal drop by 1-cosine of the angle, then aim low by that amount.
When shooting straight down, gravity helps overcome air resistance rather than adding to it, but bullet drop off the bore axis fired at downward angles still turns out to be very close to the cosine of the angle times the drop for the same range when the gun is fired horizontally. You still adjust the sights low as for angle up.
Multiplying by the cosine is not exact because it does not consider aerodynamic effects on a spinning bullet. For example, a .308 168 grain match bullet travels about 600 yards in 0.9 seconds, but falls only 11 feet and not 13 feet, as it would if dropped from a stationary platform. This is due to lifting drag created by the slight upward pitch in its flight trajectory. This lift force has to be accounted for in solving the force vectors to be really precise and won’t be exactly same for angle-up and angle-down shooting because it varies with speed. Much more significant is that the sights will be angled down relative to the bore axis to get a horizontally fired bullet to strike the point of aim, and this must be taken into account for precision, since it is the angle of departure (where the bore axis points) and not the angle of the sight line that affects the bullet. Fortunately, neither of these precision considerations become significant until beyond around 400 yards. If you sight your gun by the late Col. Cooper’s method of zeroing at 200 yards and don’t try taking game beyond 400 yards, the precision concerns may be completely ignored with confidence.
Summary:
Multiply Horizontal drop at same range x (1-cosine of the angle). Aim low by this distance.
Nick