The ring doesn't record nearly as many steps as the Fitbit does, but I think the Fitbit tracks a lot more of my miscellaneous arm movements. The ring also shows that I sleep better, and again, I think the Fitbit tracks random movement more.
All in all, I think I like the ring better than the bracelet. It's more comfortable, you don't have to take it off for showers, washing hands, etc., and I suspect that it's more accurate, even though that means I will have to actually exercise more to keep my step count up.