From the name it can be assumed that this weapon has, or had, a non-ruined varient that the player could potentially find, if such version exists it can assumed that it would be superior to this version. Very little additional information is known about this weapon so far.
A series of Hytale weapon concept art, the weapons concept art found in the bottom left corner
Hytale Model Maker - Sword Modeling Timelapse
A developer modelling the Runic sword, before adding blemishes it, forming the Ruined Runic Sword