Shares of Pacific Rubiales (OTC: PEGFF), GXG’s ninth-largest holding at a weight of 4.3%, have tumbled more than 76% this year. Ecopetrol, Pacific Rubiales an Isagen SA, GXG’s fifth-largest holding, are the only major Colombian stocks currently trading above analysts’ average price targets, according to Bloomberg, indicating the trio have room to the downside.

In recent years, Colombia’s production growth turned it into South America’s third-largest oil producer behind Brazil and OPEC member Venezuela. However, some of Colombia’s headline-making oil finds have not been as lucrative as previously hoped and Ecopetrol lacks the offshore heft to compete with other major global integrated oil companies.

Last year’s slump in oil prices prompted a 25% decline in net foreign investment in Colombia in the first quarter. Flows to the oil an materials groups fell 11.7%.

Global X MSCI Colombia 20 ETF