I'm no expert on this, but the European minstrels, harlequines and clowns are normally found in certain categories. The one with the cone hat in the background for example - in an Italian picture he would normally be "Mr. Whiteface" if I remember correctly, the main or carrying personality in every bunch of fools/minstrels. In your case here, the type of depiction and something I can't pinpoint (gut feeling & bad memory) lets me believe that the front-left figure in red-yellow would represent the Spanish 'second row' guy, a loudmouth and womanizer. The third in green is the always silent pantomimic fool; in the end both (the active and the passive) get into trouble and need to be 'saved' by the guy in white - classic travelling comedy. So far, assumption #1.
Assumption #2: Could it be your description of the signature actually is the artists initials/monogram and instead of 'espada' actually reads "espaņa" for 'spain' (note the tilde-over-n character)?