How did my damage drop? the 2nd ring is obviously better, is it bugged?
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ur spirit give elemental damage as well so u lost 8% spirit hence the amount of fire damage lost but the second ring is way better than the first one so keep using it 
From the Game Guide:
Every point of Spirit increases your magical damage by 0.47%, magical duration damage by 0.5%, energy by 2 and energy regeneration by 0.01 + 0.26%
As Kobra said, you lost some Spirit so you lost around 9-10% to all of your magical damages (this change does not show on your character page’s 2nd tab, it shows when you mouse over the Spirit attribute).
Oh I didn’t know that thank you