Iron ward doesn't seem to track physical damage over time

Did some rough testing with the new Iron Ward skill gem:

"

While active, stores a percentage of the Physical damage that is prevented by your Armour or other sources of damage reduction. Using this Skill releases the stored damage as a nova of spikes.

Based on the wording of the skill, it looks like physical damage over time that is prevented should be stored, but currently it does not:

Test 1:

Equipped Scold's Bridle:

"

Take (25–100)% of Mana Costs you pay for Skills as Physical Damage

Equipped a shield with explicit "8% Additional Physical Damage Reduction"

Enabled Iron Ward
Used any skill with a cost over time (Mana tempest, Supercharged slam)

Expected Result:
Mana cost over time translates into physical damage over time (via Scold's Bridle), which should be affected by the Additional Physical Damage Redution mod from the shield.
This mitigated damage should translate to Iron Ward accumulating stored Damage

Actual Result:
Mana cost over time translates into physical damage over time (via Scold's Bridle), and is affected by the Additional Physical Damage Redution mod from the shield.
However, this mitigated damage from Scold's Bridle does not accumulate stored damage from Iron Ward.

Test 2:

Equipped Coat of Red:

"

25% chance to be inflicted with Bleeding when Hit

Equipped a shield with explicit "8% Additional Physical Damage Reduction"

Enabled Iron Ward
Be inflicted with bleeding

Expected Result:
I should take physical damage from bleed, which should be affected by the Additional Physical Damage Redution mod from the shield.
This mitigated damage should translate to Iron Ward accumulating stored Damage

Actual Result:
Mitigated damage from bleed does not accumulate stored damage from Iron Ward.

I will second this.

Been testing Iron Ward (since the 0.4 patch buffs) with channelling spells in combination with Scold's Bridle.... and it doesn't seem to work.