I've noticed a stat called Protection in the "Stats changed if equipped" tooltip that comes up when you hover over a piece of gear you aren't wearing
I know it's not just based on Armor value, since I've seen this value higher on pieces of armor that contain lower armor values, and see it on non-armor pieces such as rings and amulets too
I've also seen armor pieces that actually raise my armor when I equip them, but that have a negative Protection value compared to my current equipment.
So what does Protection take into account, and how is it calculated?