Perhaps Shadowfax was taking longer strides. This would account for his being faster. Or, perhaps he looked less winded than the others.
I'm not horse person, but isn't height in hands a measure of the quality? Then, the height of Shadowfax could also have been taken into consideration.
Remember also, the other two horses were saddled and bridled. Shadowfax was neither, but still came to Gandalf. There probably were not many horses that had that kind of agreement with their rider, and it suggests high intelligence. That kind of narrows down the field of possibilities.
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