I need help my Axe is killing me.....

I found a Gold unidentified axe like always. This time instead of
selling it off unidentified. Im gonna check it out unidentified.
I equiped the axe and went outside. I notice my health was droping.
I was like WTF. Then I went up to a group of Elem creatures. I was
dealing damage up to 70. I say to myself this ask has something.
Cause my clean max dmg axe doesn't do that much damage.
Can someone help me out before I ID this axe?
What Axe mod or upgrade causes your health to drop?
Thx

Vampiric

Wow...that was fast thx.
And I forgot to mention I wasn't enchanted or instance when I
was testing the axe out.
Yes you are right. I went back outside and notice.
When I attack it shows 60-70 dmg then -2.
I assume it's a Vampiric 2-1.

It probably has an elemental damage type that teh mobs you were fighting are particularly weak against. For instance icy axe vs fire imps=more damage than a regular axe vs fire imps.

Well this sux. I ID the axe. It's 15% below 50% with Vamp 2-1.
My new question here is. Why Im able to still hit up to 70
sometimes higher? Yes I tried this axe out on other creatures too.
Like Chars outside of the Court House. Is it because my health keeps
droping from the Vamp mod? And I will assume a 20% below 50%
will do alot more dmg than this.

put it in an open weapon slot when you are not using it to keep your health up.

the vampiric damage is in addition to the axe damage which is why it does more damage