Yep Equivalent is last after Multiplying Hp/Mp but it will be second last in reducing/Deduction formula..
If u use spellsword, Plagued, vampiric, styr spirit, faun gift, cosmic power whatsoever affix to multiply your hp/mp. right after that if u use equivalent mythic. it will averaging your Hp/Mp.
and for reducing /deduction. let say after multiplying your hp/mp and averaging with equivalent mythic u have 300k Hp/Mp. If u have 50% glasscannon and  empower talent. it will make your Hp 1 and your mp 300k.