Here is the answer given at
ByeDr.com...
Yes. Hematocrit represents the percentage of the blood volume that is composed of blood cells.
Mathematically, it is:
Hct = RBC x MCV
(Hct = hematocrit, RBC = red blood cell count, MCV = mean corpuscular volume)
If your blood cells are really small (low MCV), then the hematocrit can be low even if you have the appropriate number of cells.
Common causes of microcytic anemia are iron deficiency, thalassemia, sideroblastic anemia, and lead poisoning. In addition, various chronic disease processes can result in a microcytic anemia. Fluid Volume Overload would also cause levels to appear falsly low (as dehydration would make them look falsly high)