Rocky 1 is 1000% better than Rocky 4.
Rocky 1 is a beautifully filmed character study, with really authentic shots of Philadelphia, a classic romance between basically a thug and a shy girl, lots of surprisingly sharp humor, and miles of heart. Not to mention it's iconic score. Go back and watch the scene when Mickey goes to Rocky's house for the first time to offer to be his manager, it's an amazing scene.
Rocky 4 is a really fun anti-Soviet propaganda movie. It's great for what it is, but it's not much more than that.
Rocky 1 and Raging Bull are obviously the best. We're talking Oscar-winning classics that are an everlasting part of American culture.