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Default Which is better? LOOKUP or INDEX?

I have data that's 50 some odd columns wide and about 500 rows deep. Is
there a more efficient method of looking up values using either a LOOKUP
function or an INDEX function? I'm asking because I notice Excel starts to
lag when I use VLOOKUP with such a large amount of data and I want to know if
it would be worth my time changing it to a INDEX/MATCH funtion. Does one or
the other work quicker?
 
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