Would the school ranking be different IF ...?

The following paragraph was taken from the Ministry of Education (MOE) website concerning School Ranking System:

"Nevertheless, the ranking system in its present form may have led to an over-emphasis on examination performance, at the expense of a more holistic and rounded education. It may also be entrenching conventional approaches to education, and inhibiting schools from exploring approaches which may help develop their students' abilities, e.g. in innovation and creative thinking, but have no assurance of producing superior examination results."

In recent years, MOE has made changes to broaden the school ranking system, so as to support and encourage schools in their efforts to provide an all-round education.

But, I always have a puzzling thought on the significance of the ranking. I am not sure if top ranking schools such as Raffles Institution would still be ranked top if it were to take in the worst of the PSLE candidates; on the contrary, put the top PSLE students in a neighbourhood school and see if the neighbourhood school would emerge top. So, my point is, "what makes the school ranked top, is it the quality of the students or the quality of the school? You may like to ponder.