latex paint vs water-base paint

latex paint and water-base paint both are nouns.

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

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

latex paint (noun)	water-base paint (noun)
a water-base paint that has a latex binder	paint in which water is used as the vehicle