This study examines the empirical validity of the equivalence proposition on two productivity indexes, studied by Caves, Christensen, and Diewert (1982). Based on permutation tests, this study shows that the measured Malmquist index and the Solow residual are observationally equivalent for the U.S., Canada, France, Germany, and Italy. While the Solow residual is predominantly used in the existing macroeconomic studies, findings suggest that the Malmquist index is empirically compatible to the Solow residual.