The short version
For HRV and everyday health, the Venu 4 is the value pick — the same HRV Status and strong sleep tracking in a lighter, cheaper, comfier watch. The Fenix 8 is the right buy only when you genuinely use its ECG, rugged build, maps and dive tools; for HRV alone it is a lot of watch and money for the same overnight number.
When the Fenix 8 is the pick
You do serious outdoor or multisport activity, want the ECG app and expedition-grade build, and value multi-week battery so the watch is essentially never charging. The HRV comes along for the ride.
When the Venu 4 is the pick
HRV, sleep and everyday health are the point, you want a comfortable AMOLED watch to sleep in, and you would rather keep ~$500 in your pocket. Same core HRV signal, better value.
The honest note
Both measure; neither trains. A ring may beat both for pure overnight HRV precision — see the best HRV trackers of 2026 — and the state-changing part still comes from active HRV biofeedback.