[Reference] Item Cost Efficiency Analysis

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So one thing I've not seen around the forums with regards to items is how good the reciped items actually are. Sure, this item X does this and that item Y does that, but not a lot of people remember how cost-efficient the stats you get for an item really is, just how much it gives you. Over the last half day or so, I whipped up a quick summary of all of the items in the game and gave them some theorycrafting, and here I'd like to share them with you.

Beware, the text here's pretty back-of-handkerchief style, and so are the comments. I welcome any discussion on these numbers.

[09/13/09] Whoops, Pendant of Zephiris no longer exists. That explains a whole lot about it and Aegis.
[09/13/09] Fixed the worth of lifesteal on items and recipes due to Vampiric Scepter being 12% instead of 10%.
[09/13/09] Fixed Lich Bane's proc, quantified Executioner's Calling proc.
[09/13/09] Adjusted assumed baseline values to be more on the line of the kind of heroes that would buy items that depend on it.
[09/13/09] Fixed potion values.
[09/16/09] Rescaled movespeed values to base off of 380 movespeed. Reworked cooldown values.
[09/19/09] Updated for the 9/18 patch.

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Of course, before we get started, we should get the commonly accepted valuation for all of the stats in the form of their costs as standalone items. In here, I will take all the non-recipe items for any given stat, and take the most efficient ratio out of them. This is the ratio that I will use to compare against any stat gains and such in reciped items, so it acts as a baseline factor.

[180] Faerie Charm [3 mp5] [60 g per]
[390] Meki Pendant [7 mp5] [55 5/7 g per]
Most efficient valuation is 55 5/7 gold per mp5. [Meki Pendant]

[250] Rejuvenation Bead [10 hp5] [25 g per]
[475] Regrowth Pendant [17.25 hp5] [~27.54 g per]
Most efficient valuation is 25 gold per hp5. [Rejuvenation Bead]
Interestingly, the cheaper item here is the more efficient one, as opposed to in mp5.

[400] Sapphire Crystal [200 mp] [2 g per]
[975] Sage's Ring [500 mp] [1.95 g per]
Most efficient valuation is 1.95 gold per mp. [Sage's Ring]

[500] Ruby Crystal [215 hp] [2.325 g per]
[1150] Giant's Belt [475 hp] [2.42 g per]
Most efficient valuation is 2.325 gold per hp. [Ruby Crystal]
Again, the pattern repeats.

[300] Cloth Armor [20 ar] [15 g per]
[700] Chain Vest [50 ar] [14 g per]
Most efficient valuation is 14 gold per armor. [Chain Vest]

[400] Null-Magic Mantle [25 mr] [16 g per]
[740] Negatron Cloak [50 mr] [14.8 g per]
Most efficient valuation is 14.8 gold per magic resist. [Negatron Cloak]

[350] Boots of Speed [50 ms] [7 g per]
Valuation is 7 gold per movespeed. Clearly, valuing movespeed isn't quite this simple - it's a bit more of a life-or-death stat than others - but it's being left like this for now. After all, damage and HP are often also life-or-death stats..

[450] Vampiric Scepter [12% ls] [37.5 g per]
Valuation is 37.5 gold per % ls.

[400] Brawler's Gloves [8% crit] [50 g per]
[880] Cloak of Agility [18% crit] [48 8/9 g per]
Mots efficient valuation is 48 8/9 gold per % crit. [Cloak of Agility]

[420] Dagger [15% ias] [28 g per]
[1050] Recurve Bow [40% ias] [26.25 g per]
Most efficient valuation is 26.25 gold per % ias. [Recurve Bow]

[415] Long Sword [10 dmg] [41.5 g per]
[975] Pickaxe [25 dmg] [39 g per]
[1850] B. F. Sword [50 dmg] [37 g per]
Most efficient valuation is 37 gold per dmg. [B. F. Sword]

[435] Amplifying Tome [20 ap] [21.75 g per]
[880] Blasting Wand [40 ap] [22 g per]
Most efficient valuation is 21.75 gold per ap. [Amplifying Tome]
Consumable here mostly for completion. However, they sometimes come into factor in comparison of some esoteric effects, such as Catalyst's passive effect.

[40] Mana Potion [25 mp5 for 20s]
[35] Health Potion [50 hp5 for 20s]
[300] Elixir of Fortitude [350 hp, 20 dmg for 4m]
[300] Elixir of Agility [35% ias, 20% crit for 4m]
[300] Elixir of Brilliance [65 ap, -10% cd for 4m]
[450] Oracle's Elixir [Gem of True Seeing in a can]
[150] Vision Ward [Sentry Wards, 3m]
Considering the stats obtained above, here are the gold-per-stat ratio of all of the stats from the items taken above. Next to the names are the abbreviations that I'll be using to refer to these stats below (as well as above).

HP (hp): 2.325
MP (mp): 1.95
HP Regen per 5s (hp5): 25
MP Regen per 5s (mp5): 55 5/7
Armor (ar): 14
Magic Resistance (mr): 14.8
Movespeed (ms): 7
Movespeed % over 380 (ms%): 162.64
Lifesteal (ls): 37.5
Critical Strike Chance (crit): 48 8/9
Increased Attack Speed (ias): 26.25
Reduced Cooldown (cd): 39.25
Damage (dmg): 37
Ability Power (ap): 21.75

Since no cooldown base items exist, I'm giving cooldown reduction a value extrapolated from its value in the mastery tree compared to attack speed and critical strike chance.

Some values are assumed here: 380 movespeed for baseline movespeed comparisons, 100 armor on both you and the enemy for mitigation comparisons, default magic resist (I think it's 25% reduction, which is like 33 magic resistance) for mitigation comparisons. 120 damage and 1.25 attacks per second (150 DPS) are used as a baseline measure for physical attack damage, as is 2000 HP, 1000 MP and 200 AP. These numbers are all a bit conservative, intentionally.

Auras are calculated with one lanemate, and one enemy. Effects that I consider to hit only minions due to this are valued at half.

Gold per 5 worth is evaluated at 15 minutes of play. Thus, 90 ticks.

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Now, we go into the reciped items. The format's a little janky, and looks like:

[Recipe Cost] Item Name [Item Effects] [% Efficiency of Recipe] {% Efficiency of Whole Item}
{Item Cost} [Item Components] [What the Recipe gets You]

The items will be sorted by % efficiency of the whole item, best to worst. All of the items have been shoved into general sections - one for Doran's stuff, one for Boots (static movespeed gains), one for Defensive gear, one for AP gear, one for physical damage gear.

The pluses after the percentages imply that they can scale given different situations. This trait is mostly possessed by items with auras (since you can very well break the assumption of one person effected) and items that become more powerful as you build up through the game (Warmog's, etc.)

Enjoy! And do spawn discussion. The format of these things will hopefully grow prettier as I have more time.
So, for starters, let's look at the cost efficiency of Doran's items. Understandably, they're all fairly high due to the fact that they're starter items, but some win over others.

[435] Doran's Ring [130 hp 5 mp5 10 ap] [N/A] {180.44%}

[435] Doran's Shield [130 hp 9 ar 10 hp5] [N/A] {152.85%}

[435] Doran's Blade [130 hp 6 dmg 1 gp5] [N/A] {138.13%}

Here are your boots. All of the 'boots with stats' present very good deals, though overall it is uncertain how movespeed itself should be quantified. The current method leaves Swiftness all the way at the bottom, though I'm sure many value that 20 movespeed a lot more than 140 gold.

[200] Ninja Tabi [70 ms 25 ar 11% dodge] [299.5%] {146.94%}
{850} [Boots of Speed, Cloth Armor] [+20 ms +5 ar +11% dodge]
210g worth of stats. Dodge valuated at 100 armor (now 125 due to the rest of this item) is effectively around 27 armor, which is worth another 389g (this is used for the ratio). Mileage certainly might change, of course, since you're grabbing this early game. If we assume 50 armor (now 75) instead, it's instead worth around 21.6 armor, worth 303g. Either way, a formidable deal.

[650] Boots of Mobility [70 ms | Out of combat, +10.13% ms] [153.23%] {134.60%}
[1000] [Boots of Speed] [+20 ms]
140g worth of speed, but the out of combat movement can seal deals in running away, initiating, and also helps gank set-ups. Possibly useful, but a lot more situational than Swiftness. The out of combat movespeed is hard to quantify, so I'll just average the boost to that of Swiftness.

[140] Sorcerer's Shoes [70 ms 33 ap] [301.96%] {130.57%}
{925} [Boots of Speed, Amplifying Tome] [+20 ms +13 ap]
422.75g worth of stats.

[700] Boots of Swiftness [90 ms] [142.29%] {128.19%}
{1050} [Boots of Speed] [+20 ms +5.26% ms]
280g worth of movespeed. The win that this item gets is that it costs only 130g over the other boots upgrades in exchange for the states that they provide.

[150] Berserker's Greaves [70 ms 25% ias] [268.33%] {127.45%}
{920} [Boots of Speed, Dagger] [+20 ms +10% ias]
402.5g worth of stats.

[450] Mercury's Treads [70 ms 35 mr | Shorten slows by 40%] [???%] {???%}
{1200} [Boots of Speed, Null-magic Mantle] [+20 ms +10 mr | Passive]
The passive here is pretty hard to quantify. There's no real analogue to it from any other item, so I can't put much of a value on it. Aside from that, there's a 288g value on the other stats.

Support and defensive items are here. Most of the top winners here drive in the benefit of having an aura for your lanemate, but there are also some items that are just plainly good deals.

[115] Mana Manipulator [Unique: 7.2 mp5 aura] [405.91%+] {174.06%+}
{475} [Faerie Charm x2] [+1.2 mp5 | aura]
On top of the 1.2 mp5 gained, this makes it an aura - with the early game implication of this item, you will likely be bringing it to a lanemate, saving them from buying mp5. So, the value of this item is both the mp5 gained and the mp5 you save your lanemate from needing - a huge one over the recipe, if used for its purpose.

[750] Aegis of the Legion [285 hp | Unique: 35 ar 40 mr 8 dmg aura] [282.15%+] {168.74%+}
[1950] [Ruby Crystal, Null-magic Mantle, Cloth Armor] [+70 hp +10 ar +10 mr +8 dmg | aura]
The stats here are 742.33g alone, and the addition of the aura makes the value of this item skyrocket, adding 1378g of stats to a nearby teammate. It is useful in limited situations - but a good counter to being harassed, aiding defensive play in a lane. Not always useful as say, Mana Manipulator is.

[250] Philosopher's Stone [28 hp5 12 mp5 | 5g10] [398.64%] {166.96%}
[1115] [Regrowth Pendant, Meki Pendant] [+10.75 hp5 +5 mp5 | 5g10]
A ludicrously good deal that is worth 546.6g before the gold per 10 even pays off.

[850] Innervating Locket [475 hp 450 mp | Unique: 9 mp5 aura Unique: Abilities heal nearby units for 50hp 20mp over 2s, 3s cooldown] [194.11%+] {156.58%+}
{2675} [Catalyst the Protector, Mana Manipulator] [+75 hp +125 mp +1.8 mp5 on the aura]
602.14g of stats gained, and you lose the levelling heal. The buff is treated as if it were 25 hp5 and 10 mp5 - not many abilities can be spammed faster than 10 seconds, though some exceptions apply. This buff makes most of this item - only get it if you can spam abilities well, as it makes up most of the costs in this item. Remember that despite the high valuation of this item, the amounts of hp and mp regen becomes less effective at the stage of the game where you'd most likely get it.

[700] Soul Shroud [580 hp | Unique: 12 mp5, -15% cd aura] [225.12%+] {153.07%+}
{2325} [Mana Manipulator, Giant's Belt] [+105 hp | +5 mp5 -15% cd aura]
The stat gains alone are fairly impressive at 768.25g, and there's the cooldown reduction aura on top of that. A very good deal.

[425] Frozen Heart [500 mp 110 ar | Unique: -25% cd Unique: -25% ias aura] [266.47%+] {149.02%+}
{2800} [Chain Vest, Glacial Shroud] [+20 ar | Unique -5% cd, -25% ias aura]
Another 280g stat boost, but both the improved cooldown reduction and the decreased attack speed aura to enemies are welcome, making a good deal better.

[200] Heart of Gold [225 hp 30 ar | 5g10] [306.6%] {141.32%}
{1000} [Ruby Crystal, Cloth Armor] [+10 hp +10 ar | 5g10]
163.2g of extra stats, 450g of gold per 10. Not bad.

[400] Glacial Shroud [500 mp 40 ar | Unique: -20% cd] [266.25%] {139.70%}
{1675} [Sage's Ring, Cloth Armor] [+20 ar | Unique]
The only stats you get are worth 280g, but the cooldown reduction is pretty valuable.

[400] Warden's Mail [90 ar 25 hp5 | 20% on being hit to slow attacker's ms and as by 35%] [255.01%] {137.58%}
{1650} [Chain Vest, Cloth Armor, Rejuvenation Bead] [+20 ar, +15 hp5 | Passive]
The stats themselves are already worth 655g, while the ms and as reduction average out to -7% each during combat (but in practice, it's far more as the downtime is much less than 80%). Even with conservative estimates, this is a really good deal.

[100] Chalice of Harmony [40 mr 7.5 mp5 | Unique: mp5 +1% per % of mp missing] [417.14%] {135.63%}
{890} [Meki Pendant, Null-magic Mantle] [+0.5 mp5 15 mr | mp5 boost]
250g of stats alone, and the mp5 boost is rather helpful - assuming that you, on average, will run around with 60% mana (this runs on an average over the game of equally zipping between 100% and 20% between battles), this'll provide an extra 3 mp5 on average, which provides another 167g of worth.

[1100] Warmog's Armor [850 hp 30 hp5 | Gain 4 hp and .5 hp5 per minion kill, x10 for Champions, cap at 500 hp and 62.5 hp5] [180.81%+] {127.14%+}
{3225} [Giant's Belt, Ruby Crystal, Regrowth Pendant] [+160 hp +12.75 hp5 | Passive]
Since you don't lose these bonuses upon dying, they stick around. The stats are worth a relatively paltry 688.2g, so it's the passive bonus that makes this worth your buck. Judging from the median, you get another 1300g of value, which makes up for the rest, making this the best survivability deal.

[1000] Force of Nature [80 mr 40 hp5 8% ms | +.35% hp/s] [169.41%+] {125.80%+}
{2690} [Regrowth Pendant, Regrowth Pendant, Negatron Cloak] [+30 mr +5.5 hp5 +8% ms | Passive]
The stats account for 788.7g, but the hero regeneration comes out to another 35 hp5 under assumed values, so it's worth quite a bit more. A powerful early game tanking game, the HP regen that it gets from its passive rapidly falls off in usefulness as the game enters mid and lategame.

[450] Catalyst the Protector [400 hp 325 mp | Restore 425 hp, 325 mp on level up] [175.63%+] {125.21%+}
{1350} [Ruby Crystal, Sapphire Crystal] [+185 hp +125 mp | +Restore]
665.75g of pure stats, which is already pretty good for the recipe value - but the restore hp/mp on level up here is pretty sweet. It's hard to quantify as a function of hp5 and mp5 (because it really isn't), but also hard to quantify from the point of view of a burst heal. So I roughly quantified it as the price of consumable potions, which a player would appreciate at similar situations (when low on hp/mp).

[500] Spirit Visage [35 mr 25 hp5 | Unique: -12% cd] [162.55%] {122.75%}
{1375} [Null-magic Mantle, Regrowth Pendant] [+7.75 hp5 +10 mr | Unique]
The stats you get are worth 341.75g, but cooldown reduction brings up the slack.

[650] Banshee's Veil [500 hp 400 mp 60 mr | Spell shield, 25s] [135.64%] {121.65%}
{2740} [Catalyst the Protector, Negatron Cloak] [+100 hp +75 mp +10 mr | Spell shield]
The stats are nothing to write home about at the value of 452.6g, but the spell shield is a fairly big deal. The cooldown's fairly long, though, so I consider it over the game to be a 15% spell mitigation - one spell out of every 7, roughly. This is worth roughly another 24 mr. Don't heed these calculations too closely, though - this is pretty much one of the most situational items out there.

[600] Thornmail [70 ar | Damage return 20% (15 min)] [125%+] {109.38%+}
{1600} [Chain Vest, Cloth Armor] [Damage return]
The damage return here is difficult to quantify - the most straightforward way to sell it is as 'anti life-steal'. The worth is quantified as such - -20% ls for any attackers.

[400] Tear of the Goddess [350 mp 5 mp5 | Unique: ability -> mp +4, 3 sec cd] [100.98%+] {100.4%+}
{980} [Sapphire Crystal, Faerie Charm] [+150 mp +2 mp5 | +Unique]
This gets you 404g of stats, but the ability means that you gain around 7.8g of stats every time you use an ability.

[1000] Sunfire Cape [500 hp 50 ar | 40 magic damage aura] [70%+] {91.22%+}
{2850} [Chain Vest, Giant's Belt] [Aura]
Fair hefty cost to add nothing but a 40 magic damage aura. For a melee hero, this puts out another 40 DPS for each enemy hero about without even attacking. With baseline values, this is worth about 26.66% extra damage, calculated equivalently to attack speed. Certainly scales higher in team battles, and deadly when stacked.

[850] Guardian Angel [75 ar 40 mr | Revives on death, restoring 50% hp and mp 1/5m] [58%+] {84.13%+}
{2250} [Null-magic Mantle, Cloth Armor, Chain Vest] [+5 ar +15 mr | Revive]
Stats come out to a mere 292g and the revival ability has maybe a 50/50 chance of actually helping if you're good at running - in most cases, the gankers who killed you will simply be prepared to kill you off again. I will valuate accordingly to the amount of gold one expects to lose when dying, and how you don't die around half the time. This only assumes one life that is actually saved by Guardian Angel (ie. you don't die immediately after). Of course, the effectiveness of this item is heavily dependent on playstyle.
Here are the offensive magic items. Some interesting items here, where the difference between an effective recipe and an effective item is shown.

[400] Guinsoo's Rageblade [35 dmg 45 ap | Attacks add 4% ias and 8 ap, up to 8 times, 5s] [398.69%+] {152.98%+}
{2255} [Blasting Wand, Pickaxe] [+10 dmg +5 ap | Passive]
The stat upgrades alone are worth the recipe price at 478.75g, and the passive just adds to the good times. Assuming that you'll keep 4 charges up on a decent fight (a conservative estimate - the base attack speed assumed would say 6, but combat flow isn't equal to auto-attacking), the passive gives you another 1116g worth of buffs when fighting - nothing to scoff at. An obvious battle mage pick.

[950] Lich Bane {350 mp 80 ap 32 mr 7% ms | Unique: Ability use -> add AP to next hit, 3s CD] [250.50%+] {149.74%+}
{3490} [Sheen, Null-magic Mantle, Blasting Wand] [+100 mp +7 mr +15 ap +7% ms]
The stats are worth 806.15g, but the extra value from Sheen's proc is quite a bit amplified here. I will continue to claim that it provides its boost 20% of the time due to the cooldown and relatively small opportunity window where it's used. However, this time it's instead a straight damage boost which is worth a lot more at assumed values (especially casters) than doubling base damage. An extra 280 damage, even 20% of the time, isn't a joke.

[1050] Archangel's Staff [400 mp 25 mp5 45 ap | +2% of mp -> AP; Unique: ability -> mp +4, 3 sec cd] [193.33%+] {133.68%+}
{2910} [Tear of the Goddess, Blasting Wand] [+100 mp +20 mp5 +5 ap | +2% of mp -> AP]
This gets you 1418g of stats (most of it from the 20 mp5 boost), and the passive ability means that you get at least another 174g worth of ap by the item's own mp bonus, not including the mp of the owner. Similar to the Tear, you gain around 9.5g of stats every time you use an ability (this includes the AP boost passive). The valuation is based on a conservative guess of having 1000 unmodified mp. Clearly, it scales higher - but this item is already a pretty good deal as it is.

[850] Rod of Ages [425 hp 425 mp 50 ap | +20 hp, +20 mp, +2 ap every 1m, cap at 300/300/30] [169.24%+] {130.86%+}
{3080} [Catalyst the Protector, Blasting Wand] [+25 hp +100 mp +10 ap | -Restore +Stats]
514g of pure stats, which pales a bit from Catalyst. Around 150g is also lost from losing the restore. However, the stat gain over time is helpful - analyzing it as a gradient, I take its average (what you'd have by the 7th minute) and quantify that for the effectiveness of the passive, which increases the worth significantly. Overall, games will likely last to 15 minutes after you buy a Rod, but probably not much longer - thus the usage of the average for quantifying the worth of stats gained.

[700] Rylai's Scepter [550 hp 80 ap | Ability -> 40% slow for 1.5s. (15% if AoE)] [234.05%] {130.75%}
{3165} [Amplifying Tome, Blasting Wand, Giant's Belt] [+75 hp +20 ap | Passive]
Stats alone are 609.38g, and the sceptre's power to make all of your abilities slows is pretty huge - like a constant 40% movespeed debuff, worth 1064g. Basically, the caster's Frozen Mallet. Since it doesn't suck like the Frozen Mallet, though, it might become better.

[300] Trinity Force [300 hp 300 mp 20 dmg 30 ap 25% ias 12% crit 12% ms | 25% slow for 50%; activate ability -> +150% base damage once] [327.27%] {130.39%}
{4095} [Zeal, Sheen, Phage] [+50 hp +50 mp +2 dmg +5 ap +5% ias +2% crit +4% ms | Slow for 50%, but lose armor debuff; activate ability -> 50% more damage]
Pretty much just a giant load of stats here, worth 726.8g alone. Phage losing the armor debuff is a bit of a stinker, but not worth too much; Sheen's buff is a helpful increase in damage against heroes. The winner here is really that you get to shove three fairly efficient items into one.

[330] Kage's Pick [25 ap | 5g10] [163.32%+] {129.90%+}
[765] [Amplifying Tome] [+5 ap | 5g10]
The stats here are pretty weak, so the only real bonus is the g/10 - not a good thing for an item.

[1000] Zhonya's Ring [500 mp 100 ap | Unique: AP +25%] [205.63%+] {128.28%+}
[3735] [Sage's Ring, Blasting Wand, Blasting Wand] [+20 ap | Unique]
AP's only worth 425g, but the passive adds another 25 on top of that to make up the cost. The value is calculated estimating a rough 200 AP average on heroes who would get it, but even aside from that it's a nice deal by itself, though one of the most expensive.

[425] Sheen [250 mp 25 ap | Unique: Ability use -> double damage next hit, 3s CD] [172.06%] {124.31%}
{1260} [Sapphire Crystal, Amplifying Tome] [+50 mp +5 ap | Unique]
Only 206.25g worth of extra stats, but the double damage next hit is attractive. It is, however, hard to quantify, because different heroes have different use for it. I currently quantify it conservatively as a 20% increase in physical damage vs heroes, which I price like ias. Sometimes it helps on burst damage after stuns or slows, but most of the time you won't remember it was there.

[550] Mejai's Soulstealer [70 ap | Unique: Steal 10 ap and mana/kill] [158.18%+] {117.16%+}
{1865} [Blasting Wand, Amplifying Tome] [+10 ap | Unique]
Only provides a mere 217.5g worth of stats at the beginning, but the purpose of this item is, of course, that you gain another 217.5g worth of stats out of it every time you land a kill. This goes up to 7 times, so I value it at 3. Unfortunately, this valuation is a bit high - if you don't own with Mejai's, you likely won't get a lot of mileage out of it through the game.

[420] Fiendish Codex [30 ap 7 mp5 | Unique: -10% cd] [145.24%] {115.26%}
{1245} [Meki Pendant, Amplifying Tome] [+10 ap | -10% cd]
Straight up 480g worth of boosts. Nothing too fancy here.

[1050] Abyssal Scepter [70 ap 60 mr | Unique: -20 mr aura] [104.37%+] {101.87%+}
{2670} [Blasting Wand, Negatron Cloak] [+30 ap +10 mr | +Aura]
The recipe gets you only 800g of stats, but additionally removes 296g for each enemy hero that you are in the range of. The price evaluation assumes one.

And the offensive physical items. Some pretty poignant conclusions are seen here in just how some of the lifesteal items are powerful throughout the game.

[285] Madred's Razors [15 dmg 25 ar | 15% to deal 500 to a minion] [486.84%] {210.25%}
{1000} [Cloth Armor, Long Sword] [+5 dmg +5 ar | Passive]
The stats are 255g, and the passive comes out to 75 damage a hit to a minion, halved to account for the fact that it's for a minion. Pretty much all of the value in this item come from that, so don't drool over the numbers too much. There are some potentials here, however - it helps lifesteal a bunch, and I wonder if proccing it on a cleave/splash would also proc the extra damage to its surroundings? Ponderous.

[700] Stark's Fervor [20% ias | Unique: Allies 20% ls 25% ias 30 hp5 aura Unique: Enemies -25 ar aura] [365.72%+] {186.18%+}
{2550} [Emblem of Valour, Recurve Bow] [+3% ls +5% ias +20 hp5 | Aura]
Extension to the incredibly good deal. The stats you personally gain is not too impressive to the recipe price (766.25), but the aura effect is huge. Once again assuming one lanemate (but it's really not going to be the case with this item - you'll likely be running team battles with it on), you provide a whopping 1556.25g worth of stats to your allies, and assuming one enemy, you provide 350g worth of negative armor. The value's huge - this is pretty much Assault Cuirass without the part where it's expensive. Yow.

[700] Wit's End [40% ias 32 mr | 42 mana burn] [236.8%] {144.54%}
{2150} [Recurve Bow, Null-magic Mantle] [+7 mr | 42 mana burn]
The stat gain is not great at all at 103.6g value, but the mana burn is huge. Even without caring for the mana damage, the burn itself gives you damage against enemy heroes, who always have mana (and if they don't, they're either Mundo/Tryndamere or screwed). The mana burn is valuated as added damage (even though it is more effective than damage alone - it's more like buying a B. F. Sword for 700 gold).

[100] Emblem of Valour [17% ls | Unique: Allies 10 hp5 aura] [437.5%+] {143.18%+}
{800} [Vampiric Scepter, Rejuvenation Bead] [+5% ls | Aura]
The lifesteal alone is worth 187.5g, which is a pretty good deal. The aura also means that allies will need it for themselves less. Like the Mana Manipulator, I assume one lane mate, valuing this as a Rejuvenation Bead for that lanemate as well. Incredibly good deal, even if just for the higher lifesteal alone.

[350] Avarice Blade [12% crit | 5g10] [184.29%+] {139.33%+}
[750] [Brawler's Gloves] [+4% crit | 5g10]
The crit's worth around 195g, and the gold per 10 makes this a valuable investment, assuming that you hold on to it long enough.

[300] Stinger [20% ias 5 mp5 | Unique: cd -10%] [211.73%] {137.24%}
[900] [Faerie Charm, Dagger] [+2 mp5 +5% ias | cd -10%]
505.18g of stats, including the cooldown reduction.

[750] Malady [15% ls 40% ias | Passive: Amplify damage by 5, up to 6] [199.00%] {136.40%+}
{2040} [Dagger, Dagger, Vampiric Scepter] [+3% ls +10% ias | Passive]
The passive is pretty good - as an expected value it will add around 15 damage per hit in a fight both for you and an ally (the ally part makes up the efficiency of this item), but in practice you'll likely have the full debuff up for longer. Works well as a lifesteal item with another physical heavy hitter, but pales to other lifesteal items otherwise.

[950] Executioner's Calling [15% ls 15% crit | Passive: Attacks apply debuff that reduces incoming healing by 40%] [152.24%+] {127.57%}
{1800} [Brawler's Gloves, Vampiric Scepter] [+3% ls +7% crit | Passive]
454.72g of stats, but the passive is difficult to gauge, as it does not often show how much use it has. Taking Heal (at Lv11, with talent), Soraka's Ult (at Lv2) and Lv5 Imbue as baselines, however, the debuff counts for roughly 134 damage done by preventing healing. This is great for ganking, but you won't be able to hit enemies most of the time when they're defending against you (where healing is arguably more important) and the damage only matters once per heal, so I value it at 20%, which still gives it a fairly impressive value. Clearly very situational.

[825] Atma's Impaler [50 ar 18% crit | +2% of hp -> dmg] [179.39%+] {127.23%+}
{2405} [Chain Vest, Cloak of Agility] [+2% of hp -> dmg]
This now nets you no stats. However, the passive is pretty strong, and makes up for all of the value of the item. The valuation is based on a conservative guess of having 2000 unmodified hp. Clearly, it scales higher - and compared to the Archangel's Staff, HP both grows faster than MP and damage is valued higher than AP. However, compared to its previous incarnation, it's lost 10 armor, 2% crit, and now costs 225 gold more - so it's been pretty badly nerfed. The damage buff still remains powerful, though the item investment could probably use more HP for relevant heroes.

[500] Tiamat [42 dmg 15 hp5 4 mp5 | 50% Splash] [219.16%] {125.68%}
{2320} [Pickaxe, Long Sword, Faerie Charm, Rejuvenation Bead] [+7 dmg, +5 hp5, +1 mp5 | Splash]
The stats alone are worth 377.75g, while the splash will usually act like another 50% damage done to minions (remember, we're assuming one enemy champion here) - thus valuated at 25% ias. The splash remains helpful, as it helps farming.

[800] Nashor's Tooth [30% ias 55 ap 10 mp5 | Unique: cd -15%] [132.86%] {123.18%}
[2580] [Stinger, Blasting Wand] [+10% ias +15 ap +5 mp5 | cd -5%]
A whole boatload of extra stats - basically a boost to the Stinger, and at a decent price.

[900] The Bloodthirster [60 dmg 15% ls | Gain 1 dmg and .25% ls per kill, up to 40 and 10%. Lost upon death.] [156.66%+] {115.94%+}
{3200} [B. F. Sword, Vampiric Scepter] [+10 dmg +3% ls | Passive]
The stats alone are 482.5g, and the passive is quite hard to quantify - the dying frequency of your playstyle heavily changes the benefit from the passive here. I assume median values here, which is certainly a tad high compared to other kill-based passives which stick permanently.

[775] Madred's Bloodrazor [40 dmg 40% ias 30 ar | Deals 2% of target's max HP as magic damage] [23.21%] {112.83%}
{3800} [Madred's Razors, Pickaxe, Recurve Bow] [+5 ar | -minion Passive + Passive]
Loses the minion damage passive, but gains a scaling damage passive that grows with enemy HP - a good thing. Still quite a pretty penny to get there, though - but for people who get farming use out of Razor, this is a natural progression.

[750] Last Whisper [20 dmg 40% ias | Unique: 40% armor penetration; no towers] [136.83%+] {112.70%+}
{2215} [Recurve Bow, Long Sword] [+10 dmg | 40% armor penetration]
There's only 370g worth of damage here, but the armor penetration is big. At 100 armor, this increaes your physical damage output by 25%, by 21.6% at 80, by 17.6% at 60. Assuming even the most conservative values at 60 (proportionate increase in damage output can be valued like either ias or crit), this is worth 462g of attack speed, and scales better as enemies level up. Depending on whether the static armor penetration on Desolation runes apply before or after percentage in armor penetration, it could also synergize nicely with those.

[425] Phage [250 hp 18 dmg | 25% on hit to reduce target armor by 15, movespeed by 40% for 2.5s] [139.00%] {112.37%}
{1340} [Ruby Crystal, Long Sword] [+35 hp +8 dmg | Slow attack]
The stats given only add up to about 348.77g, but the slow attack is big - 25% of the time you're in actual combat, you effectively take away some hero's armor and movespeed, which I value conservatively, assuming 370 movespeed on said enemy hero. The duration of the debuff and its interaction with the proc rate is most certainly different, so this is a conservative estimate on the value (210 from the armor debuff and 644 from the ms debuff, divided by 4 for the proc rate).

[900] Phantom Dancer [45% ias 30% crit 20% dodge 12% ms] [130.91%] {110.89%}
{3395} [Cloak of Agility, Zeal, Dagger] [+10% ias +2% crit +20% dodge +4% ms]
The 'Butterfly' of LoL, this item packs a decent amount of stats in a small package. The ias, crit and ms alone are worth just around 463g, so it's the dodge that we're paying for. At 100 armor, 20% dodge worth of damage mitigation is worth a whopping 50 armor, which makes up the difference of this item - but not by too much.

[375] Infinity Edge [80 dmg 20% crit | crits do 250% damage] [205.77%+] {109.72%+}
{4080} [B. F. Sword, Pickaxe, Cloak of Agility] [+5 dmg +2% crit | crits do 250% damage]
This is the big daddy of damage do-ers. Though the stats gained are a bit weak, only worth 282.77g, the crit buff more than makes up for it. The damage boost makes it so that crits add 150% damage instead of 100% damage - making them 150% as effective. This can be quantified on the Infinity Edge alone as if it added another 10% crit on top of its own 20% (and it certainly scales the same for any other crit you have). This makes it quite a bit more valuable, though the item itself is very expensive already.

[800] The Black Cleaver [75 dmg | Armor -12 up to 5 stacks] [132.38%] {108.45%}
{3065} [B. F. Sword, Long Sword] [+15 dmg | Passive]
The damage buff is worth 555g, and assuming median for the armor debuff (taking 36 armor away from a hero), this recipe is competitively priced. However, very expensive.

[825] Frozen Mallet [775 hp 20 dmg | Unique: Attacks reduce target movespeed for 2.5s] [113.42%] {108.34%}
{3315} [Phage, Giant's Belt] [+50 hp +2 dmg | Full slow attack, lose armor debuff]
The stats given are even worse than in Phage, only about 190.25g worth, but the slow attack buff can be a big deal if your attack speed isn't quite up to it - otherwise, if you have matching movespeed and a sufficiently fast attack, hitting someone with Phage and chasing will probably keep the movespeed debuff on them. On the other hand, many like the absoluteness of their attacks slowing (allowing them to give 'love taps' to many enemy heroes to get a slow on them). Unfortunately, the armor debuff is lost, which hurts the valuation quite a bit along the sorry buffs that the Mallet recipe gets you.

[375] Zeal [20% ias 10% crit 8% ms] [124.44%] {107.66%}
{1195} [Brawler's Gloves, Dagger] [+5% ias +2% crit +8% ms]
Pack together some items for extra stats. Assuming 380 movespeed on a hero who buys this, the deal is decent.

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Senior Member


Potions are not 20/40 per 5 seconds, but 25/50 per 5 seconds or 5/10 per second.
Lifesteal is at 37.5 per %, since the base item provides 12%, not 10%(changed in a patch 11 days ago).

Also, the actual cost effectiveness of regen is really high early game/laning phase, but pretty low mid/late game, so expensive/late game items offering regen aren't nearly as effective as it would seem.

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le sigh.
stats/gold should worsen as the stats -> infinity.. without infinity we shall call it the highest given stats..

but they don't in most cases.
this is easier to see in the individual non recipe components.

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Senior Member


Lich Bane: this item's proc gives you 100% AP on your next attack, not doubling your base attack like Sheen. Thus, the analysis would probably be considerably different and, on most heroes that would get it basing it on AP is far more powerful. In the extreme, a Veigar can get 800+ extra damage from this item.

Atma's Impaler: Should probably work off of 2000 hp at the very least, 1000 isn't just a conservative estimate, it's a completley bizarre one.

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Agree with previous poster, however, for the Veigar example that's before armor reduction.

This is a pretty neat analysis. I wonder how long it took...

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Junior Member


Whoops at not updating for the Vampiric Scepter. Will tweak assumed numbers to be a little less crippling, as well. And yes, regen is certainly worth less as the game goes on, and things like armor penetration more - but this is difficult to quantify on an item-by-item basis. Certain items are solely valued for their early game value, but others have a lot of early-game stats but are arguably lategame items (see Archangel's Staff). It's hard to put down a precise way to value things due to this.

Rescaled assumptions of values to be a bit more reasonable.

Keep the feedback coming!

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Senior Member


I think it's useful to talk about how the different stats are valued. I think it's somewhat interesting to talk about how much 'value' of a top-tier item is in the unique. But I don't think it's terribly effective to compare top tier items this way since so much of their value is caught up in their unique.

Also, your numbers are grossly undervaluing cooldown reduction and movement speed.

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Junior Member


It's true; what would you suggest they be valued at?

And I believe some uniques -can- be compared to stats alone, since they simulate or are effectively the same as what some stats give.