When you say "I have X% in cash" does that include Emergency Fund or no?

Is there a consistent standard here? Do you include the emergency fund in the numerator/denominator, or keep that separate? In other words, if you had $100k emergency fund in cash, $100K in investments in the market, and $100K in a HYSA (not saying this is advisable, just trying to keep the math easy) would say you have 66% in cash (emergency fund + HYSA/everything) or would say you have 33% in 50% cash (hysa/hysa + investments)?

Just curious how I should be thinking about my own personal cash exposure, and wasn't sure how to phrase it. TY!