Voltage regulators (APC or OPTI-UPS to protect electrical equipment

What do you think you need those for? They aren't UPS devices.. Just voltage conditioning devices..
 
They are likely unadulterated garbage... I imagine both have simple low quality multi-tap transformers (Buck/Boost) with a multi-pole relay to switch taps based on input voltage. I would assume they sprinkled a few MOVs onto the output rails and maybe a cap and coil type snubber to help with some transients. There is no way for $50 you are getting any type of actual waveform shaping or continuous voltage regulation.

Guess:

Input 0 - 109 = output proportional to input + ~10V (BOOST)
Input 110 - 120 creates an output = input (1:1)
Input higher than 120 creates output proportional to input - 10V (BUCK)

There may be a high an low voltage sense that disables the output if the input falls below roughly 97V and or rises above 138V

In other words, swings in the input power show up as swings in the output, but the swings in the output are closer to the target voltage of 120V.
 
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