Another Question(s) on Damage Conversion

Apologies for the bump, though I see we’re still on front page, so it should be okay…

I’m also judging from what I’ve read here, All you need to know about conversion

… that “Elemental Damage Converted to X” means Fire, Cold & Lightning

e.g. 100% Elemental Damage Converted to Physical would mean 100% Fire, 100% Cold, 100% Lightning to physical (as opposed to 33% of each)

Correct?

If so that’s pretty powerful. Currently building up a pierce rune build and Elemental to Pierce conversion would be insane, since it would utilize both the cold and fire from the two runes.