Works in any Excel version, in either direction
VLOOKUP and XLOOKUP either are not available in an older Excel install or require the table's column order to be rearranged first. INDEX and MATCH split the job into two simple functions that have existed since early versions of Excel, and because MATCH finds the position independently, the return range can sit anywhere relative to the lookup range.
It keeps working when columns are inserted or reordered
VLOOKUP references a return column by a fixed number, so inserting or deleting a column anywhere inside the lookup range quietly shifts every result without an error message. Because MATCH locates a row position dynamically rather than referencing a fixed column number, INDEX and MATCH formulas keep pointing at the correct value even after the table's layout changes.
Frequently Asked Questions
What does the "0" in MATCH's third argument mean?
It tells MATCH to find only an exact match. Leaving it blank or using a different number switches to an approximate match, which can return an unexpected result.
Can I look up more than one condition at once?
Yes, using an array formula inside MATCH can satisfy two or more conditions at once, but the formula gets more complex -- XLOOKUP's multi-condition approach can be simpler when it is available.