Have both - Swaro glass definitely has the edge. The Zeiss HD5 is good glass but its not the top end Zeiss glass that's on offer in HD5.
Other notes - having had several models of HD5, all in 3-15 x42 some with plex reticle and others with the Z600 or Z800 - some were clearer than others. Slight but noticeable to my eyes.
All Swaro's I've had the glass quality/clarity is consistently very good.
Out of the box you get more dial up with the HD5 (target turret model), but the Swaro can be retro-fitted with after market turret (~$150) which gives you 30+ moa come up.
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