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as basis risk runs too high with other assets
document Chart 15: Proxy hedge screen for a Nasdaq 100 (NDX) benchmark suggests NDX is the best hedge for itself House Oversight Committee — Epstein Estate Records (Nov 2025)

as basis risk runs too high with other assets

high correlation between breakeven and BRL
document IMAGES-003-HOUSE_OVERSIGHT_014746.txt,Chart 30: Breakevens to increase in some EM Chart 31: In Brazil House Oversight Committee — Epstein Estate Records (Nov 2025)

high correlation between breakeven and BRL