A cycling rain cape is a whole different thing than a poncho..

Cycle cape is generally Conical. No sleeves , arms are under the cape , so as to form a awning over your legs ..
so needing rain pants too, is rare. winter storm -headwind , perhaps ..

a Poncho is a flat rectangle ..

Korean War Surplus there were "Shelter halves" as 2 snapped to gether to form a field PuP Tent...


I have a Cycle Rain Cape , It works well and serves well to keep my hands dry too, as It drapes over them , as I said No Sleeves ..

Ponchos are better, if walking and maybe backpacking..