> For the complete documentation index, see [llms.txt](https://wpahelp.windhamlabs.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://wpahelp.windhamlabs.com/hedged-and-unhedged-time-series.md).

# Hedged and Unhedged Time Series

Asset class time series in the Windham-managed database are unhedged and denominated in USD by default, unless otherwise noted.

![Examples of hedged time series returns](/files/-MEy58ahnb4VD1vM58rd)

## Base Currency

The WPA has the option to specify the base (denominated) currency of the analysis for a case file. 

![Base currency specification in the WPA](/files/-MEy5ep7NLnVuKJtRZ4x)

If the selection of assets are denominated in the default USD currency, a change in the base currency using the drop down editor will convert all selected assets to the specified base currency using the internal time series of spot rates.