Abstract: An oriented heat shrinkable film includes a layer including a multicomponent ethylene/alpha-olefin interpenetrating network resin having a melt index less than 1.4, the resin including a homogeneous component having a melt index of less than 1, and a density of at least 0.91 grams/cubic centimeter, and a heterogeneous component with a melt index of between 1.5 and 20; the film having a haze value (ASTM D 1003-95) less than or equal to 5, a peak load/mil value (ASTM D 3763-95a) of at least 155 newtons/mil, and a free shrink (ASTM D 2732-83) at a temperature of 200° F. of at least 8% in either or both of the longitudinal and transverse directions. Films with substantially balanced free shrink are preferred, in particular those with a free shrink balance of less than or equal to 30%. Advantages in downgauging and/or mechanical properties are provided without substantially adversely affecting properties such as free shrink and optics.