My daughter suffered with both low ferritin levels and low hemoglobin levels. Unfortunately, we discovered it well after her performance was suffering. We all kept writing it off to "mental" ability. It was tough because she was nailing her workouts for a long time, it just wasn't translating to her racing during track. Summer running/conditioning for XC is where it became apparent when she could no longer keep up with her group even on moderate-paced runs, or had to but her runs short. Her legs felt like lead and she wasn't able to breathe well.
We had her tested after a few weeks of supplements because we knew she was low, and her ferritin was under well 10, HGB was 11. She is also gluten intolerant so that was a factor, and of course she started getting regular cycles. Recipe for anemia. Low iron runs in my husband's family, so I feel dumb for not picking up on it earlier. She was so low that she received infusions. Her XC season was bumpy, but she still qualified to state as a team. Her times all season were 30 seconds to a minute slower than the year before, and she went from being #3 to anywhere from #3-7 on the varsity team. Ferritin was well over 150 by October, and that's when she started to move back up on the varsity roster. Unfortunately, she pushed hard and had a quad strain, which made her postseason interesting. PT to get through it, limped all through the state meet. Injuries are likely when the athlete starts feeling better and pushes too hard.
She is now feeling fantastic and is on oral supplements. They say if you're truly anemic, it takes 4-6 months to recover whether you get infusions or take supplements. Infusions will get the numbers up faster, obviously, but the older, smaller RBCs are still in the bloodstream. It's 120 days to renew the RBCs.
Bottom line, get the ferritin up before it becomes true anemia. Low ferritin alone has a significant affect on performance, and full-blown anemia is disastrous.