Expensive, but... - Exped Bivy-Poncho

...You get what you pay for. I have a GI poncho, several Frog Togg ponchos, and an oilskin one, and this is hands down the best one. It has a ton of functionality most will never use (tarp/bivy/stretcher), but the hood fits well over a hat, turns with your head, and there are snaps everywhere so you can adjust how open or closed you want it. The inside pocket is a nice touch and will keep everything dry. I also have the UL version of this, and while also a fantastic poncho, the material on this one is heavier and feels more durable. If you only get one poncho, this is the one to get.