A polyvinyl alcohol copolymer latex composition comprises an intimate polymer composition obtained from 10% to 60% by weight of a substantially hydrolyzed low molecular weight polyvinyl alcohol (PVOH); 2% to 80% by weight of at least one diene; 2% to 80% by weight of at least one hydrophobic monomer other than a diene and optionally either up to 10% by weight of at least one hydrophilic ethylenically unsaturated acid monomer or up to 40% by weight of a cationic monomer. The copolymer latex composition can be prepared as an emulsion from an aqueous blend of the above listed monomers which are generally added at various stages during the polymerization and a free radical initiator, surfactants, and, if desirable, chain transfer agents. Up to 80% of the PVOH may be added after the monomers have been polymerized.