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With U.S. stocks now on pace for their worst start to the year since 2000, investors are questioning whether Wall Street is headed for a bona fide bear market. The truth is, many stocks are already there.

U.S. stocks have fallen nearly 4.0 percent so far in 2016, and more than 40 percent of the stocks in the benchmark S&P500 stock index are 20 percent or more off of their highs, the definition of a bear market.

In addition to the 219 stocks in the S&P 500 index that are down 20 percent or more from their 52-week highs, there are 374 stocks off more than 10 percent, said Ryan Detrick, market strategist at Kimble Charting Solutions in Cincinnati, Ohio.

“U.S. equity markets are extremely oversold to start this year, so a bounce could happen at anytime. The bigger issue is the deterioration of stocks under the surface,” said Detrick.

It may get worse before it improves: shares still are pricey and investors who say they can’t calibrate geopolitical woes such as weakness in China’s economy and war in the Middle East are sticking to the sidelines for now. There seems little reason for optimism.