The short version
Both can be worn every night, so this splits on what else you want. The Oura Ring 5 wins on the overnight number itself — finger measurement, redesigned sensors, best-in-class sleep staging — in the slimmest always-on form. The Garmin Venu 4 wins as a device — training tools, a screen, a developer API and no subscription — with HRV that is solid rather than best.
Two different HRV models
Garmin HRV Status builds a personal overnight baseline over about three weeks and flags whether you sit inside or outside it. Oura reports overnight RMSSD and builds its readiness on it. The numbers will not match between the two, so compare each device only against its own baseline — see why HRV reads differently on every device.
The honest setup
If you already train with Garmin, the Venu 4 gives you a usable recovery trend with no extra fee. If recovery and sleep are the whole point and you are fine with a membership, the Ring 5 is the more precise instrument. For the full field, see the best HRV trackers of 2026.