EWP vs. COLO

Last updated Jun 13, 2026

EWP (iShares MSCI Spain ETF) and COLO (Global X MSCI Colombia ETF) are both exchange-traded funds - EWP is a Europe Equities fund tracking the MSCI Spain Index, while COLO is a Latin America Equities fund tracking the MSCI All Colombia Select 25/50 Index. Both are passively managed. Over the past 10 years, EWP returned 12.33%/yr vs 7.08%/yr for COLO. At a 0.46 correlation, their price movements are largely independent. EWP charges 0.50%/yr vs 0.62%/yr for COLO.

Performance

EWP vs. COLO - Performance Comparison

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

Returns By Period

In the year-to-date period, EWP achieves a 8.89% return, which is significantly lower than COLO's 23.32% return. Over the past 10 years, EWP has outperformed COLO with an annualized return of 12.33%, while COLO has yielded a comparatively lower 7.08% annualized return.

EWP

• 1D: 0.63%
• 1M: 4.32%
• YTD: 8.89%
• 6M: 11.54%
• 1Y: 39.17%
• 3Y*: 32.21%
• 5Y*: 17.57%
• 10Y*: 12.33%

COLO

• 1D: 2.47%
• 1M: 19.46%
• YTD: 23.32%
• 6M: 22.17%
• 1Y: 61.40%
• 3Y*: 35.23%
• 5Y*: 16.00%
• 10Y*: 7.08%

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

EWP vs. COLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWP iShares MSCI Spain ETF	8.89%	78.03%	5.70%	30.26%	-5.18%	0.25%	-3.94%	11.93%	-15.32%	26.98%
COLO Global X MSCI Colombia ETF	23.32%	68.88%	4.68%	24.92%	-21.32%	-11.50%	-14.60%	30.42%	-19.88%	11.88%

Correlation

The correlation between EWP and COLO is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.46
Correlation (All Time) Calculated using the full available price history since Feb 9, 2009	0.46

EWP vs. COLO - Sectors Allocation Comparison

Sectors	EWP	COLO
Financial Services	41.4%	39.3%
Utilities	21.2%	17.7%
Industrials	16.1%	2.4%
Energy	5.3%	17.3%
Technology	4.9%	-
Consumer Cyclical	4.0%	1.5%
Communication Services	2.9%	3.4%
Real Estate	2.9%	-
Healthcare	1.3%	-
Basic Materials	-	18.4%
Consumer Defensive	-	-

Return for Risk

EWP vs. COLO — Risk / Return Rank

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

EWP

EWP Risk / Return Rank: 69
EWP Sharpe Ratio Rank: 69
EWP Sortino Ratio Rank: 66
EWP Omega Ratio Rank: 65
EWP Calmar Ratio Rank: 73
EWP Martin Ratio Rank: 71

COLO

COLO Risk / Return Rank: 80
COLO Sharpe Ratio Rank: 90
COLO Sortino Ratio Rank: 89
COLO Omega Ratio Rank: 86
COLO Calmar Ratio Rank: 76
COLO Martin Ratio Rank: 59

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.

EWP vs. COLO - Risk-Adjusted Trends Comparison

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

	EWP	COLO	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.67	-0.73
Sortino ratio: Return per unit of downside risk	2.62	3.59	-0.97
Omega ratio: Gain probability vs. loss probability	1.34	1.46	-0.13
Calmar ratio: Return relative to maximum drawdown	3.26	3.46	-0.20
Martin ratio: Return relative to average drawdown	11.51	9.36	+2.15

EWP vs. COLO - Sharpe Ratio Comparison

The current EWP Sharpe Ratio is 1.94, which is comparable to the COLO Sharpe Ratio of 2.67. The chart below compares the historical Sharpe Ratios of EWP and COLO, 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

EWP vs. COLO - Drawdown Comparison

The maximum EWP drawdown since its inception was -61.19%, smaller than the maximum COLO drawdown of -78.91%. Use the drawdown chart below to compare losses from any high point for EWP and COLO.

Drawdown Indicators

	EWP	COLO	Difference
Max Drawdown Largest peak-to-trough decline	-61.19%	-78.91%	+17.72%
Max Drawdown (1Y) Largest decline over 1 year	-11.38%	-17.79%	+6.41%
Max Drawdown (3Y) Largest decline over 3 years	-12.19%	-18.35%	+6.16%
Max Drawdown (5Y) Largest decline over 5 years	-33.76%	-43.86%	+10.10%
Max Drawdown (10Y) Largest decline over 10 years	-46.36%	-62.75%	+16.39%
Current Drawdown Current decline from peak	0.00%	-16.29%	+16.29%
Average Drawdown Average peak-to-trough decline	-21.41%	-40.28%	+18.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.22%	6.56%	-3.34%

Volatility

EWP vs. COLO - Volatility Comparison

The current volatility for iShares MSCI Spain ETF (EWP) is 6.21%, while Global X MSCI Colombia ETF (COLO) has a volatility of 11.56%. This indicates that EWP experiences smaller price fluctuations and is considered to be less risky than COLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWP	COLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	11.56%	-5.35%
Volatility (6M) Calculated over the trailing 6-month period	16.09%	20.33%	-4.24%
Volatility (1Y) Calculated over the trailing 1-year period	19.13%	23.03%	-3.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.31%	23.37%	-3.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.22%	25.47%	-3.25%

EWP vs. COLO - Expense Ratio Comparison

EWP has a 0.50% expense ratio, which is lower than COLO's 0.62% expense ratio.

Dividends

EWP vs. COLO - Dividend Comparison

EWP's dividend yield for the trailing twelve months is around 2.09%, less than COLO's 6.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
COLO Global X MSCI Colombia ETF	6.09%	7.51%	6.08%	6.99%	12.55%	2.32%	3.23%	3.04%	3.03%	1.83%	1.48%	1.58%
EWP iShares MSCI Spain ETF	2.09%	2.27%	4.35%	2.70%	3.07%	3.29%	2.56%	3.72%	3.69%	2.72%	4.65%	3.85%

Frequently Asked Questions

Can I hold both EWP and COLO in my portfolio?

EWP and COLO have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWP or COLO?

COLO has higher volatility (11.56%) compared to EWP (6.21%). In terms of maximum drawdown, EWP dropped -61.19% vs COLO's -78.91%.

Which ETF is better, EWP or COLO?

On 10-year performance, EWP leads with 12.33% vs 7.08% for COLO. On fees, EWP is cheaper at 0.50% per year. On volatility, EWP has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWP or COLO?

Over the 10-year period, EWP has performed better with a 12.33% return vs 7.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWP or COLO?

EWP is cheaper with a 0.50% expense ratio, compared with 0.62% for COLO.

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

COLO has the higher dividend yield at 6.09%, compared with 2.09% for EWP.

What is the main difference between EWP and COLO?

EWP is categorized as Europe Equities, while COLO is Latin America Equities. EWP tracks MSCI Spain Index, while COLO tracks MSCI All Colombia Select 25/50 Index. They also come from different issuers: iShares and Global X. Their fees differ too: 0.50% for EWP and 0.62% for COLO.

Which has better risk-adjusted returns?

COLO currently has the higher Sharpe Ratio (2.67 vs 1.94), 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.