Can I color code events in the iOS Calendar?

Is it possible to color code events in my calennear? I know that I can create different calendars with different colors within the calendar. I'm also aware there are other calendars available with this functionality. However, my iPad is used for business and needs to sync with my Outlook calendar. I share events with work counterparts and am looking for an easy way to distinguish my events from theirs without keeping multiple calendars.

Thanks