Also with Soulbound items, they can have a boost for different things like: Crit rank, Bleeding rank, Block rank, Armor penetration rank, extra damage rank, extra armor rank, bleeding protection rank, crit protection rank, and life protection rank. These ranks are out of 1000 and are totally separate from any race-based boost. So if you have an item that gives +8 armor penetration rank, that is 8/1000 rank in added armor penetration beyond your Elaar bonus.

Each of these ranks seems to work a bit differently - some at rank 1000 are equivalent to a 33% boost. Others at rank 1000 are like a 100% boost.