Very different beams from what I've seen.
The HO-4 has a brighter spot. It is also whiter. The spill light is pretty dim. The WE 3.7V D26 has a wider spot, brighter spill, and actually puts out more light, IMO.
My HO-4 and ES-9, which are rated the same lumens, are indeed almost identical in actual use. They have a brighter spot than the 200 lumen-rated WE 9V D26, though it has a larger spot, and much greater overall output.
For closer use, and wider viewing area, the WE is better. If you want more punch, and are more concerned with how the light performs downrange, Lumens Factory all the way.