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sub index_split_join {
    return $_[0] unless index $_[0], 'STOCK' >= 0;  # do a fast check 
+to see if line needs to be looked at
...
    $tokens[15] =~ s/STOCK/BOXXE/;    # do replacement in col 16
    return join('|',@tokens);         # glue back together for final r
+esult
}

                 Rate    splitjoin idxsplitjoin simple_regex
splitjoin     50000/s           --         -15%         -60%
idxsplitjoin  58824/s          18%           --         -53%
simple_regex 125000/s         150%         112%           --

my @lines = <DATA>;
cmpthese(10000, {
...
splitjoin    63.2/s           --         -93%         -94%
simple_regex  929/s        1368%           --         -15%
idxsplitjoin 1092/s        1627%          18%           --