The present invention provides adhesive compositions, particularly pressure sensitive adhesive compositions, comprised of from 30 weight percent to 70 weight percent of water insoluble graft copolymers dispersed in an aqueous medium. The graft copolymers are comprised of (i) from 1 weight percent to 30 weight percent of macromonomer, based on the total weight of the copolymer, wherein the macromonomer is water insoluble and has a number average molecular weight of from 2,000 to 50,000 g/mole and comprises from 85 to 100 weight percent polymerized units of at least one first ethylenically unsaturated monomer, 5 mole percent or less of polymerized mercapto-olefin compounds, and 10 weight percent or less polymerized acid-containing monomer; and (ii) from 70 weight percent to 99 weight percent of polymerized units of at least one second ethylenically unsaturated monomer, based on the total weight of the copolymer. In certain preferred embodiments, the adhesive compositions further comprise from 0.1 to 60 weight percent solids of at least one additive. The additive is selected from the group consisting of emulsifiers, defoamers, tackifiers, pigments, humectants, fillers, curing agents, thickeners, wetting agents, biocides, adhesion promoters, colorants, waxes, UV stabilizers, and antioxidants.