Hi! I'm Fable's author, so you'll guess that my reply will be a bit biased ;) I'm not an expert on Elm but if you want to compare both, you should do strictly on a language and basic development tools (editor, compiler...) basis. Fable is designed to be a very lean F# to Js compiler and doesn't provide you with any specific tool for web development besides compatibility with most of F# core lib and some of .NET classes. Fable outputs clean JS which adheres to standard ES6 practices (modules, iterables...) and integrates in Babel's pipeline, so you can easily take advantage of current JS development tools, like Babel plugins, Webpack or React.
If you want a more complete and opinionated solution to develop web apps using F# both on the server and the client, Websharper is your best choice. However, Fable's community is already working on some libraries to make use of JS tools, like React for the web or Fuse for mobile development, in a more idiomatic way from F#. We're also planning to elaborate some guides for full stack development with Suave on the server (which already runs on .NET Core) and Fable on the browser.
Please take a look at Fable's website to know more about what's currently possible with the tool: http://fsprojects.github.io/Fable/
Incidentally, Indy Garcia has a simple but very nice Web Canvas app written both in Elm and F#/Fable so you easily compare both solutions side by side: https://github.com/Indy9000/noodle-soup
Any choice you make, have fun with functional web development!