The short version
Two screenless trackers, two philosophies. The Oura Ring 5 is the sleep-first ring with the most accurate overnight HRV and sleep. WHOOP 5.0 is the training-first band with continuous HRV and daily recovery-and-strain coaching.
When the Oura Ring 5 is the right pick
Sleep and recovery are the priority and you want the cleanest overnight data in the most comfortable all-day wearable. Accept the membership and it is the reference.
When WHOOP 5.0 is the right pick
You train seriously and want continuous HRV — including during workouts — plus a coaching loop that turns Strain and Recovery into a daily plan.
Also worth comparing
For subscription-free rings, see the Ultrahuman Ring Pro or Samsung Galaxy Ring; the full field is in the best HRV trackers.