Simplifying Strangeness Fluctuations through Balance Functions in Proton-Proton Collisions

Recent measurements of event-by-event fluctuations of multistrange baryons and kaons in proton-proton collisions by ALICE have been proposed as sensitive probes to distinguish between thermal and string-based hadronization mechanisms. We demonstrate that two key observables -- the normalized net-$Ξ$ second-order cumulant and the net-$K$--net-$Ξ$ Pearson correlation coefficient -- can be re-expressed in terms of balance function integrals, thereby revealing their underlying microscopic content, and relating them to balance functions previously measured by ALICE. This allows us to show that both observables probe the same physics and primarily measure the impact of strangeness conservation on hadronization. We compare both sets of ALICE data with two contrasting models, PYTHIA and Thermal-FIST. Importantly, while Thermal-FIST can reproduce the magnitude of fluctuation observables, it fails to describe the shape of the measured balance functions. Our findings highlight the importance of balance functions as precision tools for testing hadronization models in small collision systems and propose a robust baseline for future studies exploring hadronization dynamics in QCD matter.