This study was conducted to investigate experimentally the drying shrinkage and the strength properties of redispersible SBR and PAE powder-modified mortars. Polymer-cement ratio, content of shrinkage-reducing agent and antifoamer content were manipulated as the experimental variables. The peculiarity of this study is to obtain a high early-age strength by using the portland cement and alumina cement with the ratio of 8 : 2. Until 7 days of age, the drying shrinkage remarkably increased up to $1~2 imes10^{-4}$, while it tended to decrease as the ratio of polymer to cement ratio and the content of shrinkage-reducing agent increased. Polymer-cement ratio was effective in improving the flexural, tensile and adhesive strengths: As the ratio increased, the strengths correspondingly increased. The flexural strength was in the range of $7~11$ MPa, the tensile strength was $3.5~5$ MPa and the adhesive strength was $1.2~3.9$ MPa. On the other hand, the compressive strength tended to decrease as the polymer-cement ratio increased, and it was in the range of $23~39$ MPa. All strengths, flexural, tensile, adhesive and compressive strengths, decreased as the content of powder shrinkage-reducing agent increased. It turned out that the polymer-cement ratio influenced more on the behavior of drying shrinkage and the properties of strength than the powder shrinkage-reducing agent did.