one way:

Insert=Symbol - select Up arrow and insert in a cell: repeat for Down arrow.

=IF(D9C9,X1,X2) where X1 & X2 hold the symbols.

"HA@Work" wrote:

How do I use arrows in my IF statement? Insead of "Improvement" in the
formula below, I want to show an arrow pointing upwards and instead of
"Regression" I want to show an arrow that points downward.
=IF(D9C9,"Improvement","Regression").