COLO vs. EWZ

Last updated Jun 24, 2026

COLO (Global X MSCI Colombia ETF) and EWZ (iShares MSCI Brazil ETF) are both Latin America Equities funds - COLO tracks the MSCI All Colombia Select 25/50 Index while EWZ tracks the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, COLO returned 6.73%/yr vs 7.48%/yr for EWZ. A 0.51 correlation means they provide meaningful diversification when combined. COLO charges 0.62%/yr vs 0.59%/yr for EWZ.

Performance

COLO vs. EWZ - Performance Comparison

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

Returns By Period

In the year-to-date period, COLO achieves a 22.17% return, which is significantly higher than EWZ's 8.51% return. Over the past 10 years, COLO has underperformed EWZ with an annualized return of 6.73%, while EWZ has yielded a comparatively higher 7.48% annualized return.

COLO

• 1D: -1.52%
• 1M: 16.76%
• YTD: 22.17%
• 6M: 20.93%
• 1Y: 60.38%
• 3Y*: 36.54%
• 5Y*: 16.37%
• 10Y*: 6.73%

EWZ

• 1D: -0.35%
• 1M: -5.21%
• YTD: 8.51%
• 6M: 9.29%
• 1Y: 29.01%
• 3Y*: 7.56%
• 5Y*: 3.74%
• 10Y*: 7.48%

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

COLO vs. EWZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
COLO Global X MSCI Colombia ETF	22.17%	68.88%	4.68%	24.92%	-21.32%	-11.50%	-14.60%	30.42%	-19.88%	11.88%
EWZ iShares MSCI Brazil ETF	8.51%	48.81%	-30.41%	32.62%	12.09%	-17.32%	-20.35%	27.67%	-2.52%	23.62%

Correlation

The correlation between COLO and EWZ is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Feb 9, 2009	0.51

The correlation between COLO and EWZ has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

COLO vs. EWZ - Sectors Allocation Comparison

Sectors	COLO	EWZ
Financial Services	39.3%	35.5%
Basic Materials	18.5%	14.8%
Utilities	17.5%	13.4%
Energy	17.1%	15.5%
Communication Services	3.5%	2.0%
Industrials	2.5%	8.6%
Consumer Cyclical	1.6%	1.4%
Consumer Defensive	-	4.6%
Healthcare	-	2.1%
Real Estate	-	-
Technology	-	0.4%

Return for Risk

COLO vs. EWZ — Risk / Return Rank

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

COLO

COLO Risk / Return Rank: 77
COLO Sharpe Ratio Rank: 87
COLO Sortino Ratio Rank: 85
COLO Omega Ratio Rank: 82
COLO Calmar Ratio Rank: 72
COLO Martin Ratio Rank: 57

EWZ

EWZ Risk / Return Rank: 32
EWZ Sharpe Ratio Rank: 33
EWZ Sortino Ratio Rank: 32
EWZ Omega Ratio Rank: 32
EWZ Calmar Ratio Rank: 31
EWZ Martin Ratio Rank: 31

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. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X MSCI Colombia ETF (COLO) and iShares MSCI Brazil ETF (EWZ). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	COLO	EWZ	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.16	+1.46
Sortino ratio: Return per unit of downside risk	3.51	1.65	+1.86
Omega ratio: Gain probability vs. loss probability	1.45	1.21	+0.24
Calmar ratio: Return relative to maximum drawdown	3.41	1.51	+1.90
Martin ratio: Return relative to average drawdown	9.23	4.37	+4.85

COLO vs. EWZ - Sharpe Ratio Comparison

The current COLO Sharpe Ratio is 2.62, which is higher than the EWZ Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of COLO and EWZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

COLO vs. EWZ - Drawdown Comparison

The maximum COLO drawdown since its inception was -78.91%, roughly equal to the maximum EWZ drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for COLO and EWZ.

Drawdown Indicators

	COLO	EWZ	Difference
Max Drawdown Largest peak-to-trough decline	-78.91%	-77.25%	-1.66%
Max Drawdown (1Y) Largest decline over 1 year	-17.79%	-19.27%	+1.48%
Max Drawdown (3Y) Largest decline over 3 years	-18.35%	-31.36%	+13.01%
Max Drawdown (5Y) Largest decline over 5 years	-43.86%	-32.24%	-11.62%
Max Drawdown (10Y) Largest decline over 10 years	-62.75%	-56.99%	-5.76%
Current Drawdown Current decline from peak	-17.07%	-24.43%	+7.36%
Average Drawdown Average peak-to-trough decline	-40.25%	-35.92%	-4.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	6.65%	-0.09%

Volatility

COLO vs. EWZ - Volatility Comparison

Global X MSCI Colombia ETF (COLO) has a higher volatility of 11.22% compared to iShares MSCI Brazil ETF (EWZ) at 6.05%. This indicates that COLO's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	COLO	EWZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.22%	6.05%	+5.17%
Volatility (6M) Calculated over the trailing 6-month period	20.34%	19.72%	+0.62%
Volatility (1Y) Calculated over the trailing 1-year period	23.15%	25.14%	-1.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.39%	27.72%	-4.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.43%	34.00%	-8.57%

COLO vs. EWZ - Expense Ratio Comparison

COLO has a 0.62% expense ratio, which is higher than EWZ's 0.59% expense ratio.

Dividends

COLO vs. EWZ - Dividend Comparison

COLO's dividend yield for the trailing twelve months is around 6.15%, more than EWZ's 4.29% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COLO Global X MSCI Colombia ETF	6.15%	7.51%	6.08%	6.99%	12.55%	2.32%	3.23%	3.04%	3.03%	1.83%	1.48%	1.58%
EWZ iShares MSCI Brazil ETF	4.29%	5.19%	8.91%	5.66%	12.59%	9.87%	1.71%	2.54%	2.89%	1.71%	1.81%	4.08%

Frequently Asked Questions

Can I hold both COLO and EWZ in my portfolio?

COLO and EWZ have a correlation of 0.53, 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 EWZ?

COLO has higher volatility (11.22%) compared to EWZ (6.05%). In terms of maximum drawdown, COLO dropped -78.91% vs EWZ's -77.25%.

Which ETF is better, COLO or EWZ?

On 10-year performance, EWZ leads with 7.48% vs 6.73% for COLO. On fees, EWZ is cheaper at 0.59% per year. On volatility, EWZ has been the lower-risk option at 6.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, COLO or EWZ?

Over the 10-year period, EWZ has performed better with a 7.48% return vs 6.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, COLO or EWZ?

EWZ is cheaper with a 0.59% expense ratio, compared with 0.62% for COLO.

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

COLO has the higher dividend yield at 6.15%, compared with 4.29% for EWZ.

What is the main difference between COLO and EWZ?

COLO tracks MSCI All Colombia Select 25/50 Index, while EWZ tracks MSCI Brazil 25/50 Index. They also come from different issuers: Global X and iShares. Their fees differ too: 0.62% for COLO and 0.59% for EWZ.

Which has better risk-adjusted returns?

COLO currently has the higher Sharpe Ratio (2.62 vs 1.16), 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.