I carry and prefer to use a military weight poncho.

It's much stronger than the "emergency poncho."
Better for emergency shelter (I carry some paracord and small aluminum tent stakes for the purpose), for carrying out injured party members, won't be shredded by bushwhacking.

Poncho is good for hiking because it breathes a lot better than a waterproof parka. Not great for all-day rains but for passing Rocky Mountain rain or showers it works well.