The short version
RingConn Gen 2 is the better value choice for most users — longer battery, cleaner reliability, lower price, comparable analytics. Ultrahuman wins when ring weight or CGM integration is what you specifically want.
When RingConn is the right pick
If you want most of an Oura at half the long-term cost — subscription-free, 12-day battery, polished app — RingConn Gen 2 is the right shape. The battery alone is reason enough: charging windows are the place HRV continuity breaks, and a 12-day cycle is the cleanest in the category.
When Ultrahuman is the right pick
If you cannot tolerate a heavier ring on your finger, Ultrahuman Ring Air at 2.4g is the answer. If you already use or plan to use the Ultrahuman M1 CGM, the native unified-ecosystem view is unique and meaningful. Outside those two cases RingConn is the better-value pick.