Host memory usage , when host is not in over committment state

Hi,

My ESX host has 256 GB physical ram, I have 17 vm running in it.

Total allocated memory to vms :176 GB.

When I generate a performance chart for host memory usage (1 month), the percentage is coming almost same as allocated memory to vms

My understanding is, if server has enough physical ram available, then Host memory usage is almost (2-3% vary), comes equivalent to vm memory allocation only.

I checked the same trends on 5servers (which are not overcommitted).

From VMTN folks, I want to know: is this the correct calculation??

Thanks

-A