That is not the case this year as Ecopetrol has lost 30.6%, a performance that is nearly twice as bad as Petrobras. Investors may be speculating that Ecopetrol could traverse a similar path as Petrobras, one of ambitious output increases met with equally audacious financial requirements. Last week, Ecopetrol said it will spend as much as $75 billion by 2020 to boost production to 1.3 million barrels per day.

That stoked speculation the company would need to sell debt or issue new shares and the speculation was intense that not only did it weigh on GXG, but Ecopetrol had to publicly address it on Wednesday.

“ Ecopetrol clarifies that its investment plan and budget for 2014 currently remain under preparation. Therefore, as of this date, Ecopetrol S.A. has not made any determination in connection with any financing thereunder. In particular, no determination has been made with regards to any equity or debt financing by accessing domestic or international capital markets next year,” the company said in a statement.

GXG trades nearly 5% below its 200-day moving average and is down 6.6% over the past 90 days, a time frame in which the iShares MSCI Brazil Capped ETF (NYSEArca: EWZ) is up 6.8%.

Global X FTSE Colombia 20 ETF