Until around the 8th week of gestation, male and female external
genitalia are basically identical. By week 12 in the female, an
embryonic stucture called the genital tubercule developes into the
clitoris, and the urogenital membrane develops into the labia. In the
male, the genital tubercle becomes the penis, while the urogenital
membrane becomes the scrotum. The penile foreskin is derived from the
genital tubercle, along with the rest of the penis, while the clitoral
hood is formed from the urogenital membrane, along with the labia. So
they're not exactly embryonic homologues.