This paper investigates the degree of similarity between fluidized beds and bubble columns based on Eulerian-Eulerian two-dimensional simulations of an air-water bubble column and an air-FCC fluidized bed. Predictions for both systems are compared with available hydrodynamic experimental data, i.e. bed expansion, local axial velocity, local gas hold-up, and wall pressure fluctuations at different heights and for different gas velocities. Dynamic characteristics of the simulated pressure fluctuations are compared with measured fluctuations. The local gas holdup in the bubble column and bubble volume fraction in the fluidized bed are qualitatively analogous and, to a lesser degree, quantitatively similar. It is also demonstrated that the liquid and solid velocities are distributed in similar manners. The mean bubble diameters in the bubble column and fluidized bed are more similar at low gas velocities than at higher gas velocities. Frequency spectra of the fluidized bed and bubble column reveal differences and similarities related to the liquid and solid properties. The outcome of this work can be used to improve procedures for hydrodynamic characterization of both systems for scale-up purposes based on hydrodynamic similarities and differences.