Currently ranks 1-3 all have the same tool tips but the spells themselves deal different damage.

Rank 1 Deals 75 damage but states on the tool tip 170 damage.
Rank 2 Deals 130 damage but states on the tool tip 170 damage.
Rank 3 deals 170 damage and correctly states 170 damage on the tool tip.

Edit: This is the mage spell Molten Armor.