This doesn't actually have to be an "either/or" scenario. If you want to track your health 24/7, there's a case to be made for buying both a smartwatch and a smart ring. The former are better at active fitness tracking, while the latter are more dependable for accurate sleep monitoring. That said, the majority of folks will get by with just a single health-monitoring device.
While certain people might ditch their smart watches for something simpler, this type of wearable is your best bet if you're obsessed with exercise. Not only do smart watches provide accurate heart rate readings, they allow you to tailor and track bespoke exercise routines. They also sport a lot more features than smart rings, allowing you to take calls, listen to music and access apps when paired with your phone.
For those whose primary goal is to monitor their sleep patterns, a smart ring might be the better option. While smart watches can track sleep data, they're not exactly practical to wear all night in bed. By contrast, smart rings are much more comfortable when you're trying to drift off due to their small, lightweight form factor. Though they're obviously not as feature-packed as most smart watches, smart rings can be used to monitor your skin temperature and stress levels; two important factors to analyze and tackle if you're suffering from poor sleep. In other words, if exercise tracking is your main goal, buy a smart watch, but if sleep monitoring matters more, pick up a smart ring.