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Default Performance IF(IF or IF(AND

I have a large spreadsheet which currently has 4000 * 12 cells in use each
with 3 calculations in nested if, hence 144,000 calc.
e.g.
If (A1 < "",IF(SUMPRODUCT(--FRED),SUMPRODUCT(--FRED)," ")," ")
..i.e. if A1 is blank then display space or if sum of FRED is 0 then display
space

would it be quicker to use IF(AND, eg.
IF(AND(A1, < "",SUMPRODUCT(--FRED)),SUMPRODUCT(--FRED)," ")

The reason I'm asking is it's taking a long time to run currently.
 
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