Most times, if I'm in the woods you will find me with just a simple lock blade knife (nothing tactical just normal knife) and a multi-tool of some sort. If you are only on a day hike, you should only plan a small emergency kit that will get you through the night if need be.
USGI folding utliity knife that I've had since Desert Storm I keep with me always. Buck 110 that I've had for nearly 30 years on my belt. An old Case XX folder in my Camel Pack, and the best tool in the woods I've ever seen - a Woodsman's Pal (originally issued to the Signal Corps in 1942).