More precisely, according to one study, compared to other devices including Fitbit's 2014 model, Surge, Apple Watch in workout mode was found to be more accurate.
You know Apple Watch was in workout mode for the study because outside of workout mode Apple Watch only measures heart rate when you're still, according to https://support.apple.com/en-us/HT204666 ... note that in workout mode Apple Watch battery life is "up to 8 hours" according to https://www.apple.com/watch/battery.html
The study did not examine more recent Fitbit models (Blaze, Charge 2, Alta HR) and did not examine Apple Watch outside of workout mode.
Disclaimer: I work for Fitbit but don't speak for Fitbit.
"What’s notable to start with is that it took almost 2 minutes after pressing the start button for the Apple Watch to decide on a heart rate. At which point that heart rate was incorrect by 40 beats. It wasn’t until 7 minutes into the run that it agreed with everyone else."
https://www.dcrainmaker.com/2017/02/apple-watch-series2-nike...
I have no idea what I'll get when my current Pebble bites the dust. I'm not sure which is more likely: that Apple offer a watch with more than a couple days battery life, or that Fitbit actually integrate the Pebble tech (and reliability) into their devices. Sigh.
And it has an excellent heart rate monitor.
As far as the Apple Watch's heartrate monitoring is concerned, it definitely has one. Not only that, it's significantly more accurate than any other fitness tracker's.
http://www.mdpi.com/jpm/jpm-07-00003/article_deploy/html/ima...
http://www.mdpi.com/2075-4426/7/2/3/htm