You can't set sub-cell formatting in a formula cell, as far as I know. You could use the Unicode character U+2093 (Latin Subscript Small Letter X: ₓ), which seems to render OK in Calibri or Arial (Excel 2010, Windows 7). There is a Unicode block dedicated to superscripts and subscripts.

I just realized this has the advantage of not changing the Excel row height as well. Bonus!

These subscripts can be included in formulas using the UNICHAR function and the UTF-16 decimal numerical code as an input eg UNICHAR(8336) will return a subscript lowercase a, and UNICHAR(8339) will return a subscript lowercase x. So for the formula in the question, you would use:

=IF(J3>J2,"l"&UNICHAR(8339)&" increased",IF(J3/J2-1>=devianceThreshold,"Deviance too high",""))

It looks like not all letters are available as subscript characters in this form, but if you want to look for all the possibilities you can do something like putting =UNICHAR(A1) in column b and put increasing numbers in column A and scroll through the outputs until you find a character in column b that you like best.

Answer from benshepherd on Stack Exchange
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Reddit
reddit.com › r/excel › shortcut for subscripts on mac
r/excel on Reddit: Shortcut for Subscripts on Mac
December 6, 2023 -

I am trying to figure out if there is a better shortcut for writing subscripts/superscripts into Excel on my Mac. As of right now the best shortcut option I have is ctrl + 1 and then selecting subscript or superscript. Surely there has to be a better way? Thanks

I have Excel for Mac version 16.79.2

ETA: I checked for questions similar to mine already in the subreddit, but they are all from years ago, and I am not sure if this is a newer issue. Also, I have already googled this issue, and all the answers seem to point to the ctrl + 1 solution. I just feel like there has to be a better way I am missing.

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Upwork
upwork.com › resources › articles › how to apply superscript and subscript formats in excel
How To Apply Superscript and Subscript Formats in Excel - Upwork
September 19, 2024 - Check the box next to the Superscript or Subscript option and press OK. Your text should change automatically. ... Unfortunately, there are no shortcut key combinations in Excel for turning text into a superscript or subscript.
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Ablebits
ablebits.com › ablebits blog › excel › excel formatting › how to superscript and subscript in excel (text and numbers)
How to superscript and subscript in Excel (text and numbers)
March 17, 2023 - Learn how to do subscript in Excel and how to add superscript (upper index) to text values and numbers: keyboard shortcuts, custom format, writing superscripts and subscripts with a mouse, and more.
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MrExcel
mrexcel.com › excel-tips › subscript-amp-superscript
Subscript & Superscript - Excel Tips - MrExcel Publishing
July 18, 2017 - This is a cool one. excel.uservoice.com. There was [unintelligible – 00:13] add icons for the font superscript and subscript so we can put them on the quick access toolbar. 372 votes before this happened. It was a hassle, right, because if you wanted to superscript or subscript something, you had to select those cells or select those characters, go into FONT, and then choose SUBSCRIPT, like that, so a couple of extra clicks, and starting in June, if you have Office 365, they've given us two new quick access toolbar icons.
Find elsewhere
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SimonsezIt
simonsezit.com › article › subscript-in-excel
How to Add Subscript in Excel? (6 Best Methods)
January 31, 2023 - You can directly use the keyboard shortcuts Ctrl+Shift+F followed by Alt+B, to instantly convert your selected text into a subscript. In Excel versions 2016 and later, including Office 365, you can get an option to add a direct subscript button ...
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Microsoft Support
support.microsoft.com › en-us › office › format-text-as-superscript-or-subscript-e989637a-12ec-4fe5-8b04-345342408abd
Format text as superscript or subscript | Microsoft Support
Select the character that you want to format as superscript or subscript. On the Home tab, in the Font group, select Superscript or Subscript .
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Excel Easy
excel-easy.com › examples › superscript-subscript.html
Superscript and Subscript in Excel - Complete Tutorial
It's easy to format a character as superscript (slightly above the baseline) or subscript (slightly below the baseline) in Excel.
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Quora
quora.com › How-can-we-write-superscripts-and-subscripts-on-an-Excel-sheet
How can we write superscripts and subscripts on an Excel sheet? - Quora
Answer: If you have Excel 2019 or later (including Microsoft 365), the superscript and subscript ribbon items now have icons. This means you can add them to your QAT for easier access, where you also get keyboard shortcuts for them. 1. Rightclick a blank place in the QAT, then choose Customize t...
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How To Excel
howtoexcel.org › subscripts-and-superscripts
11 Ways to Add Subscripts or Superscripts in Microsoft Excel | How To Excel
Subscripts and Superscripts are special text formatting that can be used to highlight specific information in a table, within mathematical equations, or within molecular formulas. Microsoft Excel is used for many purposes across many industries, so it’s no wonder the need to add superscripts ...
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MyExcelOnline
myexcelonline.com › home › how to apply excel subscript and superscript fast
How to Apply Excel Subscript and Superscript Fast | MyExcelOnline
June 6, 2026 - For subscript check “Subscript” in the Format Cells window and click OK. The QAT is located at the top left of the Excel window.
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Wiley Online Library
agupubs.onlinelibrary.wiley.com › doi › 10.1029 › 2025JG009416
Monitoring Coral Reef Metabolism Under Changing Oceans–Novel Insights From Seawater Stable Carbon Isotopes - Bolden - 2026 - Journal of Geophysical Research: Biogeosciences - Wiley Online Library
April 18, 2026 - Isotopic fractionation (εOrg) modulates the DI13C flux during photosynthesis; NEC and FA/S isotopic influences are assumed to be negligible on the studied timescales. Subscript “M” denotes measured samples and “SW” denotes offshore source waters ([DIC]sw = 2100 μmol kg−1 and [TA]sw = 2420 μmol kg−1).
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StatsKingdom
statskingdom.com › paired-t-test-calculator.html
Paired t test calculator - dependent t-test calculator
The paired t-test calculator also called the dependent t-test calculator compares the means of the same items in two different conditions or any others connection between the two samples when there is a one to one connection between the samples - each value in one group is connected to one value in the other group. The test uses the t distribution. more ... Enter raw data directly - enter the raw data separately for each column. You may copy from excel, or enter one by one separate with comma or enter.
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Instagram
instagram.com › popular › how-to-add-a-subscript-in-excel
How To Add A Subscript In Excel
Welcome back to Instagram. Sign in to see what your friends, family and interests have been capturing and sharing around the world.
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The Bricks
thebricks.com › home › resources › how to write subscript in excel on a mac
How to Write Subscript in Excel on a Mac
April 22, 2025 - You'll know you're in edit mode when you see a flashing cursor inside the cell or formula bar. Select the Character(s): With your mouse, carefully click and drag to highlight only the character or characters you want to turn into subscript.
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Rsms
rsms.me › inter
Inter font family
aalt Access All Alternates c2sc Small Capitals From Capitals calt Contextual Alternates case Case-Sensitive Forms ccmp Glyph Composition/Decomposition cpsp Capital Spacing cv01 Alternate one cv02 Open four cv03 Open six cv04 Open nine cv05 Lower-case L with tail cv06 Simplified u cv07 Alternate German double s cv08 Upper-case i with serif cv09 Flat-top three cv10 Capital G with spur cv11 Single-story a cv12 Compact f cv13 Compact t dlig Discretionary Ligatures dnom Denominators frac Fractions locl Localized Forms numr Numerators ordn Ordinals pnum Proportional Figures salt Stylistic Alternates sinf Scientific Inferiors ss01 Open digits ss02 Disambiguation (with zero) ss03 Round quotes & commas ss04 Disambiguation (no zero) ss05 Circled characters ss06 Squared characters ss07 Square punctuation ss08 Square quotes subs Subscript sups Superscript tnum Tabular Figures zero Slashed Zero