The short version
Same sensor, different watch. Both run Apple’s new Health Sensing System, so their HRV is the same in kind. The Ultra 4 wins on the one thing that matters most for overnight HRV — a ~50-hour battery — plus an athlete readiness score and rugged, dive and satellite features. The Series 12 wins on price and size, with the same HRV system for $399.
Why battery decides it for HRV
A continuous overnight record needs the watch on your wrist all night, every night. At ~24 hours, the Series 12’s daily charge competes with that; at ~50 hours the Ultra 4’s doesn’t. Both report Recovery HRV (RMSSD) and Overall HRV (SDNN) — different metrics that should not be plotted as one line. See Recovery HRV vs Overall HRV.
The honest setup
If you don’t need ruggedness, the Series 12 is the smarter buy; if you want an Apple Watch you can sleep in every night, the Ultra 4. Both are still wrist optical — for the most precise overnight number, a finger ring leads; see Series 12 vs Oura Ring 4 and the best HRV trackers of 2026.