Links to external workbooks are created in a relative manner whenever possible. This means that the full path to the source data file is not recorded, but rather the portion of the path as it relates to the linked workbook. So when we click on the links in a file stored in SharePoint site, it will find the linked files in the site instead of the files in client.

Learn more about Relative link in Excel.

If you want to create a link with the absolute path, use Hyperlink function.

=HYPERLINK("<excel file location>","<text to display>")

Links to external workbooks are created in a relative manner whenever possible. This means that the full path to the source data file is not recorded, but rather the portion of the path as it relates to the linked workbook. So when we click on the links in a file stored in SharePoint site, it will find the linked files in the site instead of the files in client.

Learn more about Relative link in Excel.

If you want to create a hyperlink with the absolute path, use Hyperlink function.

=HYPERLINK("<excel file location>","<text to display>")