Here is a pretty good formula I got that predicts how much damage you could deal based on 1. the number shown on your ring 2. your total magic stats shown on the character page. TRY IT!!!! IT IS INCREDIBLY ACCURATE. You could use it to decide whether or not you should put more stats into magic
YOUR MAGIC DAMAGE = BASE(N) * (0.657 * LOG(MAGIC STATS) - 1.096);
-> Base(n) depends on the tier of your ring, ranging from 1 (High Storm, Worm Hole etc.) to 8 (Diruel). Here are its values
Base(7): (only Devotion & Cog): 3500
Base(8): (only Diruel):4000
-> "log(magic stats)" refers to the natural logarithm of your magic stats. Here is a website that helps you calculate lagorithms. Choose Number Base = e and click "Enter"
HOW TO USE THIS FORUMLA
So for example, if you are currently using Diruel, and has a character with 188 total magic stats (gems+xp stats+stats on helmet etc.), you would deal approximately
BASE(8) * (0.657 * LOG(188) - 1.096)
= 4000*(0.657 * 5.2364 - 1.096)
=9377 damage (In reality, you would deal 9580)
The nerd inside me is very happy today.