The Meme Stock Rally hurt Melvin and Maplelane. It hasn’t gotten any easier since then.

Hedge funds that have suffered from the meteoric rise of stocks such as GameStop Corp. and AMC Entertainment Holdings Inc. in January, are still struggling to get out of those losses.

Melvin Capital Management, which lost more than $6 billion in January, is now down 46% for the year through June, the fund recently told investors. Maplelane Capital is down 39% over the period. Some other funds that suffered less losses during the January meme stock rally are doing better. Steven A. Cohen’s $22 billion Point72 Asset Management and its $20 billion D1 Capital Partners are up about 1% and 3.8%, respectively, in the first half of the year, people familiar with the funds’ performance said.

Still, those returns track the broader market, as the S&P 500 rose 15.3% over that period, including dividends.

The market maelstrom in January that enveloped a small but prominent group of funds was as shocking as it was fast. At the time, an army of bullish individual traders urged platforms like Reddit to pile into stocks and sometimes team up to amplify the losses among professional traders betting on those so-called meme stocks. Money managers protested that social media hordes were manipulating stock prices.

The rally inflicted huge losses on major Wall Street investors, turned some individual investors into folk heroes, sparked a congressional hearing and came under criticism from the Securities and Exchange Commission. Almost six months later, the consequences of those market events are still visible.