Figures just for example:
If you are stable at 4.6GHz and you found a manual voltage of 1.35v at load you could try an offset of -0.01 and maybe see 1.36 in CPUz...because negative offset is straight maths your next offset would be -0.02 and you'd likely as not see 1.35 in CPUz under load...job done.
You'll see this in Raja's guide: Positive offset doesn't work that simply because the calculation takes into account not only frequency but also current draw and temp of board etc so you entering a +0.01 offset may see the final load voltage increase by +0.015 or +0.005 because the processor is taking your offset as only one of the points to take into account in its calculations.....
As HiVizMan said, Vdroop is a design feature of the CPUs and well worth having that's why it isn't really recommended to use anything above Med LLC (which yes, counters Vdroop) you really want some vdroop left.
If you have no LLC and an offset of -0.015 this can give you the same voltage at load as an offset of -0.005 and med LLC (again figures just for example) showing that at the load end LLC and Offset may pull in same or opposite directions (+ or - offset)