Trainer John Sadler rated Henwood the value runner, but it was stablemate and favourite Charmed Harmony which came out on top at Caulfield on Saturday.
Charmed Harmony pushed forward to find the front in the Wilson Medic One Handicap and rolled along under apprentice Katelyn Mallyon.
Mallyon got away from the fence in the straight to find better ground and Charmed Harmony had 2-1/4 lengths to spare on the line over Tried And Tired.
Henwood, who Sadler thought was capable of upsetting the favourite, came in another 1-1/4 lengths away third as the first three around the turn cleared out.
"I did think before the race that at the odds of ten-to-one, Henwood was a good chance of beating him (Charmed Harmony)," Sadler said.
"He didn't and I was wrong. But I'm happy to be wrong.
"It's not the first time I've got it wrong, but I'm just pleased that one of them was able to win and I still thought Henwood ran pretty well.
"When he (Charmed Harmony) gets his own way in front, he's hard to run down."