Here’s a chart that shows the performance in the first month of 2015 of South America’s major traded stock markets. You have (in alphabetical order) Argentina, Brazil, Chile, Colombia and Peru, with the S&P500 in there as benchmark:
The main story: no winners as even the best performer Chile is breakeven. Brazil’s matching the SPX. Colombia’s getting as pop from the small return in the oil price, but is still well off in a short time. Peru is nearly 7% in just one month and worst of the bunch.