The invention relates to an aqueous coating composition, a process for preparing the same, and a coated article. The aqueous coating composition comprises (a) a polymer A comprising units derived from an alpha-olefin and one or more comonomers selected from the group of methacrylates, acrylates, methacrylic acid, acrylic acid, maleates, maleic acid, maleic anhydride, and salts thereof; (b) a polymer B comprising units derived from one or more monomers selected from the group of methacrylates, acrylates, methacrylic acid, acrylic acid, maleates, maleic acid, maleic anhydride, and salts thereof; (c) at least one pigment in an amount in the range of 0.1 to 30 wt. %, based on the total dry weight of the coating composition, the at least one pigment being selected from the group consisting of clay minerals, silicates, brucite, magnesium carbonate, barite, perlite, satin white, gypsum, aluminum oxide, titanium dioxide, surface-reacted calcium carbonates, and mixtures thereof; (d) optionally wax.