Which method is faster, VLOOKUP or MATCH & INDEX?

I have come up with 2 ways of filling in a table with data from another sheet that gets filled via data connections.
Do you think one of them will be less work for the CPU to process than the other?

Setup: There is 1 column with IDs manually entered, which are the anchors for finding data on the other sheet. The formula's goal is to fill out 4 other columns.

Method 1:
=VLOOKUP(E5,ItemList!D5:L1400,3,FALSE)
One of these filled down for each of the 4 columns

Method 2:
Add a column (F) to find the row number on the other sheet of the matching ID
=MATCH(E5,ItemList!D5:D1400,0)+ROW(ItemList!D5:D1400)-1
And fill the 4 columns out with a reference like this
=INDIRECT("ItemList!E"&F5)


TL;DR - Is 4000 VLOOKUPs faster or slower than 1000 MATCHes + 1000 ROWs + 4000 INDIRECT references?

I would initially guess vlookups are fewer operations, but they're probably heftier. What do you think?