Disclosed are novel compositions for the preparation of void-containing articles comprising a polymer matrix and a voiding agent The voiding agent comprises at least one first polymer and at least one second polymer, which are selected on the basis of physical properties such as glass transition temperature, tensile modulus, melting point, surface tension, and melt viscosity. Shaped articles such as sheet, film, bottles, tubes, labels, and sleeves may prepared from these compositions. Also disclosed are polyester shrink films prepared using a voiding agent comprising a novel blend of cellulosic and olefinic polymers. The resulting shrink films have better opacity, lower density, reduced shrink force, and improved printability as compared with most standard voiding agents. The films are useful for sleeve label and other shrink film applications and their lower density allows them to be readily separated from soft drink bottles, food containers and the like during recycling operations.