WC FITNESS: IMPROVE SKILLS, IMPROVE CARDIO
If you can learn to be better in the ring or on the mat, you'll be able to improve your cardio. The reason why is you'll be able to work less, therefore stretching out the cardio you have for longer periods of time.
Think of it like this - say you get your opponent in position for a guillotine choke. If you have subpar skills, you're going to have to rely on strength to sink in that choke. This will drain you pretty quickly - especially if you don't have the choke sunk in all the way.