The present invention further provides a binder composition comprising a first binder and a second binder. The first binder comprises, by dry weight based on total dry weight of the binder composition, from 1% to 98% polymer particles, from 0.3% to 20% an anionic polyelectrolyte, and from 0.1% to 20% a colorant; and the second binder comprises, by dry weight based on total dry weight of the binder composition, from 0.5% to 70% a clay, and from 0.03% to 10% a dispersant. It also provides a paint formulation comprising the binder composition.