XLOOKUP or INDEX MATCH

XLOOKUP vs INDEX MATCH - syntax comparison

First things first, let's break down the syntax of these formulas and understand how they operate within Excel.

INDEX MATCH formula – the classic approach

The INDEX and MATCH combination has stood the test of time as a classic method for various lookups in Excel. The syntax is as follows:

INDEX (return_array, MATCH (lookup_value, lookup_array, 0))

Here, the MATCH function determines the relative position of the lookup value in the lookup column, while INDEX retrieves the corresponding value from the return column at that position. The third argument of MATCH (match_type) set to 0 ensures an exact match, which is typically the desired behavior.

While this formula involves two separate functions, it provides great flexibility in handling various lookup scenarios.

INDEX XMATCH formula – improved version

A modernized alternative to MATCH, the XMATCH function was introduced concurrently with XLOOKUP and is only available in Excel 365 and Excel 2021. Here are the key improvements:

• Unlike MATCH, XMATCH defaults to an exact match, which aligns with most use cases.
• XMATCH does not require sorting the lookup array for an approximate match.
• In contrast to its predecessor, XMATCH can search in reverse order and perform a binary search optimized for speed. This behavior is controlled by the optional search_mode argument.

The syntax looks like this:

INDEX (return_array, XMATCH (lookup_value, lookup_array, [match_mode], [search_mode])

To put it briefly, INDEX XMATCH is a more advanced way of doing the same things as INDEX MATCH, which allows you to handle more complex and diverse lookup problems. In this tutorial, we will consider these formulas as essentially interchangeable, recognizing that each has its strengths and may be preferred in different contexts.

XLOOKUP function - the modern solution

The XLOOKUP function, often called the "killer" of VLOOKUP, represents a modern approach to lookup operations. It is only available for Office 365 subscribers and Excel 2021 users, offering a powerful alternative. The syntax for XLOOKUP is as follows:

XLOOKUP(lookup_value, lookup_array, return_array, [if_not_found], [match_mode], [search_mode])

Overcoming many limitations of VLOOKUP, XLOOKUP can handle a wide variety of scenarios, including left lookups, horizontal and vertical lookups, two-way lookups, and more. Its versatility makes it a go-to choice for users who want a comprehensive and effective lookup technique in the latest Excel versions.

Which is better: XLOOKUP or INDEX MATCH?

How do you choose between XLOOKUP and INDEX MATCH in Excel? Determining the more appropriate method is based on several factors, such as:

• Excel version. If you have Excel 2021 or Office 365, you can use XLOOKUP. Otherwise, you have to rely on INDEX MATCH.
• Formula complexity. XLOOKUP has a simpler structure with fewer arguments. INDEX MATCH Involves more arguments due to its combination of two separate functions.
• Formula performance. XLOOKUP can perform faster than INDEX MATCH in some cases, especially if you use the binary search mode. However, INDEX MATCH can also be optimized by using Excel tables or dynamic arrays.
• Formula flexibility. Both formulas are versatile, capable of handling various lookup scenarios. However, adjustments may vary depending on the specific task.
• Formula readability. XLOOKUP has a more intuitive syntax and can be easier to understand and debug. INDEX MATCH has a more complex syntax and can be harder to follow and troubleshoot.

So, which is better? It depends on what you want to achieve and how you like to work. XLOOKUP is a modern option with a wide range of useful features, making it a good choice for many situations. However, INDEX MATCH is an enduring solution that has been used for decades in millions of worksheets, and some users may prefer it for its familiarity or extra control over the lookup functions.

Is INDEX MATCH faster than XLOOKUP?

This is a frequent inquiry among Excel users aiming to optimize their formulas and reduce calculation time. There is no simple answer, as it hinges on several variables such as the amount of data, the complexity of the criteria, and the version of Excel you are using.

In general, XLOOKUP is faster than INDEX MATCH for simple lookups, but INDEX MATCH can be faster for more advanced scenarios. Here are the key considerations to guide your choice:

Use XLOOKUP if:

• You are working with Excel 365 or 2021.
• You only need to look up a single value based on one criterion in a relatively small dataset.
• If you are working with sorted data where binary search is applicable.

Use INDEX MATCH if:

• You are using Excel 2019 or older.
• You are dealing with a substantial dataset.
• You need to perform lookups for multiple values based on multiple criteria.

For a comprehensive review of the fastest Vlookup menthod in Excel, refer to the above-linked article, where we conducted in-depth research on this topic. It will show you some surprising findings and unveil some unexpected insights :)

Can XLOOKUP replace INDEX MATCH?

One of the most common questions that often arises in Excel discussions is whether the modern XLOOKUP function can effectively replace the longstanding INDEX MATCH combination. While both methods come with distinct advantages and limitations, the decision isn't a clear-cut one.

The key benefits of XLOOKUP are:

• It is simpler and shorter to write than INDEX MATCH.
• It can perform lookups in any direction: top-to-bottom, bottom-to-top, left-to-right as well as right-to-left.
• It can do both exact and approximate matches in any dataset, whereas INDEX MATCH is limited to approximate matches in sorted data.
• It can handle dynamic arrays and spill results to multiple cells.
• It can natively handle errors caused by missing values.

Some of the drawbacks of XLOOKUP are:

• It is not compatible with older versions of Excel 2019 and lower.
• It may not be as flexible as INDEX MATCH for some scenarios, such as returning values from non-contiguous columns.
• It may not work well with large data sets or volatile formulas.

In essence, XLOOKUP can indeed replace INDEX MATCH in many cases, but not all. The choice depends on Excel version compatibility, the complexity of your data, and personal preference.

XLOOKUP vs. INDEX MATCH - summary table

The below table provides a short summary of how XLOOKUP and INDEX MATCH differ in their functionality, benefits, and limitations.

In conclusion, both XLOOKUP and INDEX MATCH are powerful and convenient functions for performing various lookup tasks in Excel. Depending on your situation, you may prefer one over the other. However, it is always good to know both methods and how to use them effectively. Ultimately, the choice is yours.