In the more than two years since launching a presidential campaign, Donald Trump has promoted himself as a staunch defender of Second Amendment rights, touted his alliance with the National Rifle Association and scaled back Obama-era restrictions on gun sales and purchases.

Trump’s victory seemed like it would bring a boon to gunmakers. Yet more than a year into his presidency, the stock performances of gun manufacturers tell a surprising story: Among the nation’s top companies, three – American Outdoor Brands, Vista Outdoor and Sturm, Ruger & Co. – saw a large drop in the value of their share prices since the day after Trump’s election.

America’s deep divisions over guns intensified this month after 17 people – most of them teenagers – were shot and killed at a Florida high school on Feb. 14. Students who survived the massacre have demanded common-sense gun reform from Washington, D.C. Trump and the NRA say the guns are not to blame. They point to a breakdown in mental health and law enforcement systems that they say failed to thwart the rampage.

Companies including Hertz, Delta Air Lines and MetLife have all cut ties with the NRA. Some people have said that investors should steer clear of gunmakers as a statement against the damage done by their wares. Another argument, however, is that America’s biggest gun makers are not the strong investments they once were since Trump won.