Resistances were hit pretty hard for this season but health remained largely unchanged, to the point were health is 2-3 times as effective as resistances for the price - not to mention nondiscriminatory to physical, magical, and even true damage as well as un-mitigated by armor and magic penetrations, and armor and magic penetration got a significant boost into this season.
So for your question I'd say it's a variant of Guardian Angel is really weak, (I'd just put it at slightly weaker) along with all other defensive items that offer resistances in comparison to just flat health.