latex vs water-base paint

latex and water-base paint both are nouns.

Word	Noun	Adjective	Verb	Adverb
latex	Yes	No	No	No
water-base paint	Yes	No	No	No

As nouns, water-base paint is a hypernym of latex; that is, water-base paint is a word with a broader meaning than latex:

latex (noun)	water-base paint (noun)
a water-base paint that has a latex binder	paint in which water is used as the vehicle
a milky exudate from certain plants that coagulates on exposure to air