The rank function has two modes of operation, controlled by the order argument. To rank values where the largest value is ranked #1, set order to zero (0), or omit the order argument. To rank values so that the smallest value receives rank #1, set order to 1.
For example, with the values 1-5 in the range A1:A5:
Set order to zero (0) when you want to rank something like top sales where the largest sales numbers should get the best rank, and set order to one (1) to rank something like race results where the shortest (fastest) times should rank highest.
When values to rank contain duplicates (ties), the RANK.EQ function will assign the higher rank to each set of duplicates. To assign an average rank to duplicates, see the RANK.AVG function.
The default for order is zero (0). If order is 0 or omitted, the largest value is ranked #1.
If order is 1, the smallest value is ranked #1.
It is not necessary to sort the values in the list before using the RANK.EQ function.
In the event of a tie RANK.EQ will assign the higher rank to each set of duplicates.
Some documentation suggests ref can be an array, but it appears ref must be a range.
The Excel SMALL function returns a numeric value based on its position in a list when sorted by value in ascending order. In other words, SMALL can return the "nth smallest" value (1st smallest value, 2nd smallest value, 3rd smallest...
The Excel LARGE function returns a numeric value based on its position in a list when sorted by value in descending order. In other words, LARGE can retrieve the "nth largest" value – 1st largest value, 2nd largest value, 3rd largest...
The Excel RANK function returns the rank of a numeric value when compared to a list of other numeric values. RANK can rank values from largest to smallest (i.e. top sales) as well as smallest to largest (i.e. fastest time).
The Excel RANK.AVG function returns the rank of a number against a list of other other numeric values. When values contain duplicates, the RANK.AVG function will assign an average rank to each set of duplicates.