Raincoats Or Umbrellas: Which Do You Prefer For Daily Rain?

I've been switching between raincoats and ponchos depending on the day and still can't decide which works better. Raincoats feel more secure in wind and look neater for walking or cycling, but ponchos cover more and are easier to throw on over a backpack. Curious what most people here reach for when the rain starts. Do you stick with one style or keep both? Any recommendations for something lightweight that still holds up in steady showers would be useful.