The RULER measures the amount of antioxidant additive in the oil. There are two ASTM methods, one measures phenolic and one measures phenolic & aminic antioxidants. Used oils can be assessed against the new oil value for remaining AO content. But, they do not measure the inherent relative antioxidant properties of the base oil, so you can't use the data to compare two different formulations. A PAO with a little pinch of phenolic may be more oxidatively stable than a Group I with the full-on phenolic/aminic regenerative schtick going on, But the RULER wouldn't see that because it doesn't account for the differences in oxidative resistance among base oils.
Short version: like any bench test, it tells you what it tells you, just be aware of what it IS'NT telling you.