It also has a HP Boost of 5 %.
And i totally agree with Zero, the ring wouldn'tbe an upgrade of the ring, it would be even a disadvantage to do the Ring Quest and give your Cape for it, because the lvl 5 Heavens Drive skill isnt such important as the Acid Demonstration Boost of 10% from the Cape.
I'd rather say the Blessed Ring should get a Acid Demonstration Damage upgrade of 10% - 15%, as Zero already said, to make the Ring better as the Cape.