NOTE: There was a bug in the code i posted. one line should read:
vnt = Application.WorksheetFunction.Index(x, 0, 3)

However, this does not affect the fact that the custom function performs
much faster.

I get results like the following quite frequently, when running this
code. What version of XL are you using?




Application.Index
15.7 seconds elapsed.
Custom Function
0.123 seconds elapsed.