High heart rate variability (HRV) has been associated with more efficient autonomic control, allowing more responsivity and sensitivity to changing environmental demands. Previous results from spectral analysis of interbeat intervals of equine heart rate (HR) indicated increased HRV, reflecting more effective vagal control of the heart. This study focuses on characterizing equine HR and HRV during increasing then decreasing physical demand. A non-invasive ambulatory monitoring system continuously records HR and HRV as horses exercise on a high speed equine treadmill at increasing then decreasing workloads. After a 5 minute baseline, the horses walk, then trot, then canter or trot fast, return to the slower trot, then walk, and then remain quiet for a 5 minute recovery period. Results indicate a decrease of HRV and large individual differences in parasympathetic activity during exercise. Resulting patterns of HR fluctuation indicate a nonlinear dynamical approach may describe the task responses more completely than the more traditional models.