It is my own opinion that an item embued with magic is more a reminder than something actually embued. They function more as a reminder of the magical work you are attmepting to accomplish, much like the proverbial string tied to a finger. And a ring will be less likely to draw questions than a piece of string. That said, there are many who will disagree on that matter.
But my opinion of the process to associate the iten with such principles is at least similar to those who believe in imbuing an item with some sort of magic. Say, for example, you want to be more focused on whatever task is at hand. Being aware of the ring can be used to bring you back to the present. Of course, practicing mindfulness will help as well. But the ring would be an immediate reminder or hypothetical anchor for that mental purpose.
It's the same with non-physical protection: associate the ring with an energy shield of sorts, and it will remind you to keep your defenses up.
I do not believe magic can be used to make you faster or stronger in itself, but I do believe magic can be used to aid determination to work towards being faster or stronger.
Again, some may have a very different opinion than I do on some of this, so take what I say with a grain of salt -- the same as any advice from someone on the internet.