The VLOOKUP and INDEX MATCH formulas are both popular functions used in Excel to perform lookups and searches in worksheets. Both formulas have their pros and cons, and the choice of which to use depends on the specific requirements of your data and your goals.

VLOOKUP is a simple and straightforward formula that is easy to use for basic lookups. It requires only two parameters, the search value and the range of cells to search, and returns the first match it finds in the first column of the range. The biggest advantage of VLOOKUP is its simplicity and ease of use, making it a good choice for beginners or for simple lookups.

INDEX MATCH, on the other hand, is more flexible and powerful than VLOOKUP. It allows you to perform more complex lookups, including lookups to the left and lookups with multiple criteria. The INDEX MATCH formula is also faster and more efficient than VLOOKUP because it doesn't have to search through the entire range specified. This can make a significant difference in performance for large data sets.

The main disadvantage of INDEX MATCH is that it is more complex and requires more parameters than VLOOKUP. It can also be more difficult to understand and use, especially for those who are new to Excel.

In conclusion, both VLOOKUP and INDEX MATCH have their pros and cons, and the choice of which to use depends on the specific requirements of your data and your goals. If you need a simple and straightforward formula for basic lookups, VLOOKUP is a good choice. If you need more flexibility and power, or if you're working with large data sets, INDEX MATCH is the better option.