I went cycling and wore my 165 and Vivoactive 5, one on the left wrist, the other on the right. Both connected to a Polar H10.
The VA5 had better HR accuracy than the 165 this corresponds to what I've seen in reviews from DC Rainmaker for both watches. It's a bit strange and surprising as they have the same HR sensor, so the difference must be in the software? Do they use different algorithms? Can the Forerunner devs please copy the code from the VA5 team?
FR165
VA5
For running the Forerunner seems to be a bit better as it takes less time to 'warm up' and to start matching up with the external HR strap, but from then on they're fairly similar.