COLO vs. BRF

Last updated Jun 5, 2026

COLO (Global X MSCI Colombia ETF) and BRF (VanEck Vectors Brazil Small-Cap ETF) are both Latin America Equities funds - COLO tracks the MSCI All Colombia Select 25/50 Index while BRF tracks the MVIS Brazil Small-Cap Index. Both are passively managed. Over the past 10 years, COLO returned 6.22%/yr vs 6.50%/yr for BRF. At a 0.49 correlation, their price movements are largely independent. COLO charges 0.62%/yr vs 0.60%/yr for BRF.

Performance

COLO vs. BRF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X MSCI Colombia ETF (COLO) and VanEck Vectors Brazil Small-Cap ETF (BRF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, COLO achieves a 14.76% return, which is significantly higher than BRF's 5.52% return. Both investments have delivered pretty close results over the past 10 years, with COLO having a 6.22% annualized return and BRF not far ahead at 6.50%.

COLO

• 1D: 0.54%
• 1M: 7.66%
• YTD: 14.76%
• 6M: 13.54%
• 1Y: 48.83%
• 3Y*: 34.10%
• 5Y*: 14.46%
• 10Y*: 6.22%

BRF

• 1D: 0.41%
• 1M: -11.58%
• YTD: 5.52%
• 6M: -1.66%
• 1Y: 21.03%
• 3Y*: 5.36%
• 5Y*: -3.31%
• 10Y*: 6.50%

*Multi-year figures are annualized to reflect compound growth (CAGR)

COLO vs. BRF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COLO Global X MSCI Colombia ETF	14.76%	68.88%	4.68%	24.92%	-21.32%	-11.50%	-14.60%	30.42%	-19.88%	11.88%
BRF VanEck Vectors Brazil Small-Cap ETF	5.52%	54.17%	-35.02%	37.21%	-14.38%	-20.40%	-21.07%	40.66%	-12.07%	54.63%

Correlation

The correlation between COLO and BRF is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.46
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since May 15, 2009	0.49

The correlation between COLO and BRF has been stable across timeframes, ranging from 0.44 to 0.51 - a consistent structural relationship.

COLO vs. BRF - Sectors Allocation Comparison

Sectors	COLO	BRF
Financial Services	39.3%	8.9%
Basic Materials	18.4%	12.9%
Utilities	17.7%	9.4%
Energy	17.3%	5.7%
Communication Services	3.4%	-
Industrials	2.4%	13.5%
Consumer Cyclical	1.5%	14.2%
Consumer Defensive	-	10.3%
Healthcare	-	6.0%
Real Estate	-	14.1%
Technology	-	4.0%

Return for Risk

COLO vs. BRF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

COLO

COLO Risk / Return Rank: 61
COLO Sharpe Ratio Rank: 68
COLO Sortino Ratio Rank: 67
COLO Omega Ratio Rank: 65
COLO Calmar Ratio Rank: 57
COLO Martin Ratio Rank: 46

BRF

BRF Risk / Return Rank: 24
BRF Sharpe Ratio Rank: 22
BRF Sortino Ratio Rank: 22
BRF Omega Ratio Rank: 23
BRF Calmar Ratio Rank: 27
BRF Martin Ratio Rank: 27

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

COLO vs. BRF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Colombia ETF (COLO) and VanEck Vectors Brazil Small-Cap ETF (BRF). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	COLO	BRF	Difference
Sharpe ratio: Return per unit of total volatility	2.21	0.74	+1.47
Sortino ratio: Return per unit of downside risk	3.03	1.16	+1.87
Omega ratio: Gain probability vs. loss probability	1.39	1.15	+0.24
Calmar ratio: Return relative to maximum drawdown	2.76	1.31	+1.45
Martin ratio: Return relative to average drawdown	7.53	3.63	+3.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

COLO vs. BRF - Sharpe Ratio Comparison

The current COLO Sharpe Ratio is 2.21, which is higher than the BRF Sharpe Ratio of 0.74. The chart below compares the historical Sharpe Ratios of COLO and BRF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	COLO	BRF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.21	0.74	+1.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	-0.11	+0.73
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.19	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.06	+0.16

Drawdowns

COLO vs. BRF - Drawdown Comparison

The maximum COLO drawdown since its inception was -78.91%, roughly equal to the maximum BRF drawdown of -82.26%. Use the drawdown chart below to compare losses from any high point for COLO and BRF.

Drawdown Indicators

	COLO	BRF	Difference
Max Drawdown Largest peak-to-trough decline	-78.91%	-82.26%	+3.35%
Max Drawdown (1Y) Largest decline over 1 year	-17.79%	-16.11%	-1.68%
Max Drawdown (3Y) Largest decline over 3 years	-18.35%	-37.81%	+19.46%
Max Drawdown (5Y) Largest decline over 5 years	-43.86%	-50.49%	+6.63%
Max Drawdown (10Y) Largest decline over 10 years	-62.75%	-60.43%	-2.32%
Current Drawdown Current decline from peak	-22.10%	-48.56%	+26.46%
Average Drawdown Average peak-to-trough decline	-40.31%	-45.74%	+5.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	5.80%	+0.70%

Volatility

COLO vs. BRF - Volatility Comparison

Global X MSCI Colombia ETF (COLO) has a higher volatility of 10.65% compared to VanEck Vectors Brazil Small-Cap ETF (BRF) at 10.09%. This indicates that COLO's price experiences larger fluctuations and is considered to be riskier than BRF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COLO	BRF	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.65%	10.09%	+0.56%
Volatility (6M) Calculated over the trailing 6-month period	19.42%	24.34%	-4.92%
Volatility (1Y) Calculated over the trailing 1-year period	22.20%	28.38%	-6.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.19%	31.64%	-8.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.43%	33.93%	-8.50%

COLO vs. BRF - Expense Ratio Comparison

COLO has a 0.62% expense ratio, which is higher than BRF's 0.60% expense ratio.

Dividends

COLO vs. BRF - Dividend Comparison

COLO's dividend yield for the trailing twelve months is around 6.54%, more than BRF's 5.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BRF VanEck Vectors Brazil Small-Cap ETF	5.25%	5.54%	4.08%	5.02%	4.13%	2.96%	1.66%	2.54%	2.89%	4.53%	4.25%	3.84%
COLO Global X MSCI Colombia ETF	6.54%	7.51%	6.08%	6.99%	12.55%	2.32%	3.23%	3.04%	3.03%	1.83%	1.48%	1.58%

Frequently Asked Questions

Can I hold both COLO and BRF in my portfolio?

COLO and BRF have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, COLO or BRF?

COLO has higher volatility (10.65%) compared to BRF (10.09%). In terms of maximum drawdown, COLO dropped -78.91% vs BRF's -82.26%.

Which ETF is better, COLO or BRF?

On 10-year performance, BRF leads with 6.50% vs 6.22% for COLO. On fees, BRF is cheaper at 0.60% per year. On volatility, BRF has been the lower-risk option at 10.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COLO or BRF?

Over the 10-year period, BRF has performed better with a 6.50% return vs 6.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COLO or BRF?

BRF is cheaper with a 0.60% expense ratio, compared with 0.62% for COLO.

Which ETF pays a higher dividend yield, COLO or BRF?

COLO has the higher dividend yield at 6.54%, compared with 5.25% for BRF.

What is the main difference between COLO and BRF?

COLO tracks MSCI All Colombia Select 25/50 Index, while BRF tracks MVIS Brazil Small-Cap Index. They also come from different issuers: Global X and VanEck. Their fees differ too: 0.62% for COLO and 0.60% for BRF.

Which has better risk-adjusted returns?

COLO currently has the higher Sharpe Ratio (2.21 vs 0.74), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.