To express the difference between Hellenic polytheism and the polytheism of the Rig Veda the latter should be called, if by any new term, rather by a name like pantheistic polytheism, than by the somewhat misleading word henotheism.

What is novel in it is that it represents the fading of pure polytheism and the engrafting, upon a polytheistic stock, of a speculative homoiousian tendency soon to bud out as philosophic pantheism.
The admission that other gods exist does not nullify the attitude of tentative monotheism.

"Who is like unto thee, O Lord, among the gods ?" asks Moses, and his father-in-law, when converted to the new belief, says: "Now I know that the Lord is greater than all gods."[27] But this is not the quasi-monotheism of the Hindu, to whom the other gods were real and potent factors, individually distinct from the one supreme god, who represents the All-god, but is at once abstract and concrete.
Pantheism in the Rig Veda comes out clearly only in one or two passages: "The priests represent in many ways the (sun) bird that is one"; and (cited above) "They speak of him as Indra, Mitra, Varuna, Agni, ...

that which is but one they call variously." So, too, in the Atharvan it is said that Varuna (here a pantheistic god) is "in the little drop of water,"[28] as in the Rik the spark of material fire is identified with the sun.
The new belief is voiced chiefly in that portion of the Rig Veda which appears to be latest and most Brahmanic in tone.
Here a supreme god is described under the name of "Lord of Beings," the "All-maker," "The Golden Germ," the "God over gods, the spirit of their being" (x.

121).