Protective Spirit and -dmg?

Do things like -2 damage received apply with Protective Spirit?

For example, with the 55 build (more or less) without the -50 cesta, i would be at 105. Instead of the Cesta, i would wear a shield that gives, um, -2 while enchanted. Then i get 15% dp, cast Protective Spirit, would i take the amount of dmg that protective spirit assigns me -2?

Protective spirit is last.

yeah, i was powerlevelling a monk friend, and even with his shielding hands on me i still took -5 from the griffons (before the almighty nerf)