@gekkokamen
Actually, Warding boosts your defense stat by 100%, so the largest the stat, the bigger the protection that Warding offers. I've tried it out on the Black Phantom giant goblins in 5-2. With any armour below the Gloom Set, with Warding and in NG+, having 1100 HP, an attack from the BP Giant Goblins, took 700 HP.
With the Brushwood Set, I only suffered 450 HP damage, it's quite a large difference, so armor makes total difference when using Warding ;)
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