The short version
This is a life-fit decision, not an accuracy one. The Fenix 8 wins for continuous overnight HRV, outdoor and training depth, and battery that never interrupts tracking. The Apple Watch Series 11 wins as an everyday smartwatch with the best health app and iPhone integration — for much less money. For HRV precision specifically, a ring or chest strap beats both.
When the Fenix 8 is the pick
You want one rugged watch for training, the outdoors and diving, multi-week battery so overnight HRV is never interrupted, and no subscription — and the size and price are fine.
When the Series 11 is the pick
You want the best daily smartwatch, a polished health app and tight iPhone integration, and you are comfortable charging daily and reading HRV as periodic spot-checks rather than a continuous overnight record.
The honest note
Both are trackers — they measure, they do not train. Whichever you wear, the state-changing part still comes from an active practice like HRV biofeedback. And if overnight HRV precision is your real goal, see the best HRV trackers of 2026 — a ring will likely serve you better than either watch.