# 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](https://2662147689-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MEd8w0azNaE8v7NnoDC%2F-MEy4WKRdKDjv1blVekS%2F-MEy58ahnb4VD1vM58rd%2Fimage.png?alt=media\&token=ef3b80bf-902a-47a3-b14a-8574402ddf01)

## 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](https://2662147689-files.gitbook.io/~/files/v0/b/gitbook-legacy-files/o/assets%2F-MEd8w0azNaE8v7NnoDC%2F-MEy4WKRdKDjv1blVekS%2F-MEy5ep7NLnVuKJtRZ4x%2Fimage.png?alt=media\&token=f19d3c5e-5684-48d9-996d-58ac673d7b00)

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.