I noticed GPU-Z reports a VRM efficiency of just ~70% for my newest cards (MSI 580), all while my MSI RX 470 report a VRM efficiency of ~90%
it's not something I've paid attention to before, but it seems the reported VRM efficiency drops when you undervolt.
It's possible this is just calculations being skewed by the undervolt and not a real efficiency drop, I've not tested at-the-wall impact.
Interesting...maybe easiest way would be to ask GPU-Z developers how they calculate that value