XLOOKUP is a new function introduced in Microsoft Excel 365 and is considered an upgrade over VLOOKUP and INDEX MATCH for several reasons:

Improved syntax: XLOOKUP has a more straightforward and intuitive syntax compared to VLOOKUP and INDEX MATCH.

Better handling of errors: XLOOKUP has better error handling capabilities compared to VLOOKUP, which often returns an error if the lookup value is not found in the table array.

Improved search options: XLOOKUP allows you to search for values in both ascending and descending order, whereas VLOOKUP is limited to ascending order only. XLOOKUP also allows you to perform approximate matches, whereas VLOOKUP can only perform exact matches.

Ability to search in both horizontal and vertical ranges: XLOOKUP allows you to search for values in both horizontal and vertical ranges, whereas VLOOKUP is limited to searching in horizontal ranges only.

Ability to return multiple values: XLOOKUP allows you to return multiple values from a single lookup operation, whereas VLOOKUP and INDEX MATCH are limited to returning a single value.

In conclusion, XLOOKUP provides a more flexible and powerful solution compared to VLOOKUP and INDEX MATCH, making it a valuable addition to the Excel formula library.