Not necessarily. Buying EUR/USD and GBP/USD creates repeated short-dollar exposure. Arithmetic exposure is not historical correlation.
Method, example and limits
Base exposure is computed in contract units, while quote exposure is valued at entry. Euro and dollar units are not summed without an explicit conversion. Correlation needs aligned returns and a stated period; it cannot be inferred from pair names or one indicator. Use exposure to inspect concentration, and correlation only with aligned original observations.
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Methodology guide, not attributed to an unverified expert. Educational material is not personal advice. Content revision: