Blockchain-exposed stocks have on average underperformed the S&P 500 by 8% year-to-date, falling 13% versus a 5% decline for the index, Goldman Sachs said in a note on Wednesday.

Despite the underperformance, median blockchain-exposed stocks are expected to grow sales at 16% annually through to 2024, compared with a 9% sales growth for median U.S. stocks, strategists led by David Kostin wrote. An equal-weight portfolio of these stocks returned 3% during the 19% rally in bitcoin since the end of January, versus a flat return for the S&P 500, the report said, and these stocks exhibited a 67% correlation with bitcoin in the last six months, it added. The bank notes that while these stocks are correlated with bitcoin, the cryptocurrency itself has become more correlated with equity index returns in recent months. Goldman screened 26 U.S. stocks with blockchain and cryptocurrency exposure, and with market caps greater than $1 billion.

Read more: Goldman: Bitcoin, Altcoins to Become More Correlated With Traditional Financial Market Variables