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EWZ vs. COLO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EWZ vs. COLO

Last updated Aug 2, 2026
Documentation

EWZ (iShares MSCI Brazil ETF) and COLO (Global X MSCI Colombia ETF) are both Latin America Equities funds - EWZ tracks the MSCI Brazil 25/50 Index while COLO tracks the MSCI All Colombia Select 25/50 Index. Both are passively managed. Over the past 10 years, EWZ returned 6.64%/yr vs 8.02%/yr for COLO. Their 0.51 correlation means they have sometimes moved together and sometimes differently. EWZ charges 0.59%/yr vs 0.62%/yr for COLO.

Performance

EWZ vs. COLO - Performance Comparison

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

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Returns By Period

In the year-to-date period, EWZ achieves a 16.46% return, which is significantly lower than COLO's 30.91% return. Over the past 10 years, EWZ has underperformed COLO with an annualized return of 6.64%, while COLO has yielded a comparatively higher 8.02% annualized return.

EWZ

1D
0.33%
1M
6.45%
6M
-0.11%
YTD
16.46%
1Y
43.70%
3Y*
9.53%
5Y*
7.67%
10Y*
6.64%
ALL TIME*
6.52%

COLO

1D
0.87%
1M
10.09%
6M
11.19%
YTD
30.91%
1Y
67.52%
3Y*
35.62%
5Y*
19.50%
10Y*
8.02%
ALL TIME*
6.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

COLO

Global X MSCI Colombia ETF
$5.73M$6.13M$8.93M

EWZ

iShares MSCI Brazil ETF
$598.51M$637.15M$833.60M

EWZ vs. COLO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EWZ
iShares MSCI Brazil ETF		16.46%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%
COLO
Global X MSCI Colombia ETF		30.91%68.88%4.68%24.92%-21.32%-11.50%-14.60%30.42%-19.88%11.88%

Correlation

The correlation between EWZ and COLO is 0.54, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.54

Correlation (3Y)
Balances recent behavior with more history.

0.49

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.47

Correlation (10Y)
Provides a long-term view across more market conditions.

0.48

Correlation (All Time)
Calculated using the full available price history since Feb 9, 2009

0.51

The correlation between EWZ and COLO has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

EWZ vs. COLO - Sectors Allocation Comparison

Sectors
EWZ
COLO

Financial Services

34.5%
40.5%

Energy

15.1%
15.2%

Basic Materials

14.5%
18.4%

Utilities

13.5%
19.6%

Industrials

11.6%
2.0%

Consumer Defensive

4.7%

-

Healthcare

2.2%

-

Communication Services

2.1%
2.5%

Consumer Cyclical

1.4%
1.7%

Technology

0.4%

-

Real Estate

-

-

Financial Services

EWZ
34.5%
COLO
40.5%

Energy

EWZ
15.1%
COLO
15.2%

Basic Materials

EWZ
14.5%
COLO
18.4%

Utilities

EWZ
13.5%
COLO
19.6%

Industrials

EWZ
11.6%
COLO
2.0%

Consumer Defensive

EWZ
4.7%
COLO

-

Healthcare

EWZ
2.2%
COLO

-

Communication Services

EWZ
2.1%
COLO
2.5%

Consumer Cyclical

EWZ
1.4%
COLO
1.7%

Technology

EWZ
0.4%
COLO

-

Real Estate

EWZ

-

COLO

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI Brazil ETF

Global X MSCI Colombia ETF

Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT
Often compared with COLO:
COLO vs. GVALCOLO vs. ECHCOLO vs. EPUCOLO vs. VOOCOLO vs. HAPCOLO vs. OTGLCOLO vs. LRCX

Return for Risk

EWZ vs. COLO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
EWZ
EWZ Risk / Return Rank: 6868
Overall Rank
EWZ Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 7474
Sortino Ratio Rank
EWZ Omega Ratio Rank: 7373
Omega Ratio Rank
EWZ Calmar Ratio Rank: 6767
Calmar Ratio Rank
EWZ Martin Ratio Rank: 4949
Martin Ratio Rank
COLO
COLO Risk / Return Rank: 9191
Overall Rank
COLO Sharpe Ratio Rank: 9696
Sharpe Ratio Rank
COLO Sortino Ratio Rank: 9494
Sortino Ratio Rank
COLO Omega Ratio Rank: 9494
Omega Ratio Rank
COLO Calmar Ratio Rank: 9090
Calmar Ratio Rank
COLO Martin Ratio Rank: 8080
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EWZ vs. COLO - Risk-Adjusted Trends Comparison

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

EWZCOLODifference
Sharpe ratioReturn per unit of total volatility
1.77
2.95

-1.17

Sortino ratioReturn per unit of downside risk
2.36
3.84

-1.48

Omega ratioGain probability vs. loss probability

1.30

1.50

-0.20

Calmar ratioReturn relative to maximum drawdown

2.31

3.87

-1.56

Martin ratioReturn relative to average drawdown

5.64

10.38

-4.74

EWZ vs. COLO - Sharpe Ratio Comparison

The current EWZ Sharpe Ratio is 1.77, which is lower than the COLO Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of EWZ 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.

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Drawdowns

EWZ vs. COLO - Drawdown Comparison

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

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Drawdown Indicators

EWZCOLODifference

Max Drawdown

Largest peak-to-trough decline

-77.25%

-78.91%

+1.66%

Max Drawdown (1Y)

Largest decline over 1 year

-19.27%

-17.79%

-1.48%

Max Drawdown (3Y)

Largest decline over 3 years

-31.36%

-18.35%

-13.01%

Max Drawdown (5Y)

Largest decline over 5 years

-32.24%

-43.86%

+11.62%

Max Drawdown (10Y)

Largest decline over 10 years

-56.99%

-62.75%

+5.76%

Current Drawdown

Current decline from peak

-18.89%

-11.13%

-7.76%

Average Drawdown

Average peak-to-trough decline

-35.86%

-40.10%

+4.24%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.86%

6.61%

+1.25%

Volatility

EWZ vs. COLO - Volatility Comparison

iShares MSCI Brazil ETF (EWZ) has a higher volatility of 6.69% compared to Global X MSCI Colombia ETF (COLO) at 5.10%. This indicates that EWZ's price experiences larger fluctuations and is considered to be riskier than COLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EWZCOLODifference

Volatility (1M)

Calculated over the trailing 1-month period

6.69%

5.10%

+1.59%

Volatility (6M)

Calculated over the trailing 6-month period

19.32%

19.64%

-0.32%

Volatility (1Y)

Calculated over the trailing 1-year period

25.12%

23.36%

+1.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

27.46%

23.30%

+4.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

33.90%

25.36%

+8.54%

EWZ vs. COLO - Expense Ratio Comparison

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

Dividends

EWZ vs. COLO - Dividend Comparison

EWZ's dividend yield for the trailing twelve months is around 3.99%, less than COLO's 4.29% yield.

PositionTTM20252024202320222021202020192018201720162015
COLO
Global X MSCI Colombia ETF		4.29%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		3.99%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

EWZ and COLO have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EWZ has higher volatility (6.69%) compared to COLO (5.10%). In terms of maximum drawdown, EWZ dropped -77.25% vs COLO's -78.91%.

On 10-year performance, COLO leads with 8.02% vs 6.64% for EWZ. On fees, EWZ is cheaper at 0.59% per year. On volatility, COLO has been the lower-risk option at 5.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, COLO has performed better with a 8.02% return vs 6.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

COLO has the higher dividend yield at 4.29%, compared with 3.99% for EWZ.

EWZ tracks MSCI Brazil 25/50 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: 0.59% for EWZ and 0.62% for COLO.

COLO currently has the higher Sharpe Ratio (2.95 vs 1.77), 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.

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