The RANK and RANK.EQ functions are identical. RANK will work in any version of Excel. RANK.EQ will only work in Excel 2010 or newer. RANK was renamed to RANK.EQ in Excel 2010 to differentiate it from RANK.AVG. For a comparison of these functions, see the next topic.
Additional Details: There is an optional third argument. If you don’t specify the third argument, the values are ranked in high-to-low order. Sometimes you might need to rank in a low-to-high fashion. Golf is one such instance. In such cases, use a 1 for the third argument of the RANK or RANK.EQ function.