Amazon (NASDAQ:$AMZN) is undeniably a force to be reckoned with in the e-commerce industry. Recently, however, the retailers that are being crushed by Amazon have rallied in the past two weeks to see an optimistic holiday season.

Bespoke Investment Group’s “Death by Amazon” index includes 62 bricks-and-mortar retailers whose businesses have been hurt by Amazon and internet shopping. Since its peak in September 2015, the index has lost a third of its value, and it has declined 15% this year alone, while the S&P 500 is up 15%.

But so far this month, retail stocks have bounced with the XRT, SPDR S&P Retail ETF, up 5.3%, while the S&P 500 is up just 0.9%. In the same period, Amazon is up 3%.

Co-Founder of Bespoke, Paul Hickey stated: “The retail stocks have done great this month, I don’t think necessarily people are going to start changing their habits, going back to brick-and-mortar this holiday season. The only argument you can make in their favor is they’re down so much.”

Since 2000, the S&P retail sector on average has underperformed the broader market from Thanksgiving through year-end. The median move has been a 0.4% gain, compared with 1.5% move in the S&P 500.

Specifically, among the stocks in the Death by Amazon index are Macy’s (NYSE:$M), Kohl’s (NYSE:$KSS), TJX (NYSE:$TJX), Ulta (NASDAQ:$ULTA), Wal-Mart (NYSE:$WMT), and Bed Bath and Beyond (NASDAQ:$BBBY).

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