Reflectors are an oft misunderstood concept, especially their design. Basically, for tubular lighting such as fluors from T12 all the way through to T-5s and anything in between, light is emitted in all directions equally. This means that 50% of the light is going in the wrong direction. The purpose of a reflector is to redirect the 50% of the light going the wrong way back into a tank. In a perfect world 100% of the wrong way light would be redirected.
There are two basic determinants of how much of the wrong direction lighting can be sent in the right direction. The nature of the reflective surface itself and then the design of the reflector (its shape) and the position of the bulb relative to it. These two things will determine how much light might return towards the tank. But there is another issue that must be considered when chosing the reflective material and then the shape it takes and where it is placed relative to the bulb. This is something called Restrike. This refers to the phenomenon of reflected light hitting the bulb itself and not making it back to the tank.
Aluminum foil will be better than something white or nothing at all, but not a heck of a lot more.
When you read that piece I linked, you will see how and why their their reflector design works so well. Part of that is it deals with the light emitted perpendicular to the water.