Theory question on HV performance counters


As you know there are Hyper-V Hypervisor
Logical Processor,
Hyper-V Hypervisor
Virual Processor and
Hyper-V Hypervisor
Root Virtual Processor performance counter sets in Performance Monitor. Each of them has the %Guest Time, %Hypervisor Time and %Total Run Time counters:

I can’t understand the following: for the physical proccesor(s) the counter %Guest Run Time defines how much of the physical core’s processing power is used for running virtual machines, but what
does this counter mean in the context of the VM itself? If there’s no nested Hyper-V inside a VM then theoretically should NOT be any "guests" inside a VM…?

The same question applies to the Hypervisor Run Time counters.

Thank you in advance,

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