3 ASX dividend shares with massive yields today

Here's why I would buy Telstra Corporation Ltd (ASX: TLS) and 2 other ASX dividend shares today

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The upside of the recent S&P/ASX 200 Index (ASX: XJO) market crash is the huge spike in dividend yields that are now available for ASX investors. Cast your mind back just one month and dividend yields were at record lows by the rising stock market. Today, this situation has been dramatically reversed, and some ASX shares are offering some of the lowest dividend yields in recent memory.

So, here are three ASX dividend shares to consider today:

Wesfarmers Ltd (ASX: WES)

Wesfarmers is one of the most diversified blue-chips on the ASX – owning Bunnings, Kmart, Target, Kleenheat Gas, a 10% stake in Coles Group Ltd (ASX: COL) and a massive range of other businesses.

Now I'm sure Wesfarmers' profits will take a hit this year, but the long-term prospects of this business remain strong in my opinion. What's more, today Wesfarmers shares are offering a trailing grossed-up dividend yield of 5.93%. That's a great spot to start with Wesfarmers in my view, and I would consider this conglomerate a buy today if you're after a stock with both growth and income potential.

Telstra Corporation Ltd (ASX: TLS)

Telstra is another strong dividend share I've been watching recently. I view the prospects of this business very favourably during the current time. No matter how badly the economy is affected by the coronavirus, I don't see many people abandoning the internet!

The ASX telco also has a strong dividend which is looking particularly inviting at the current Telstra share price. Said dividend will net you a grossed-up yield of 6.57% on today's prices – which I think is very attractive in the current interest rate environment. Thus, I would seriously consider adding Telstra shares to a dividend income portfolio today.

iShares Core S&P/ASX 200 ETF (ASX: IOZ)

An overlooked option for ASX dividend income during these times is likely to be a simple market tracking exchange-traded fund (ETF) like IOZ. This ETF holds all 200 companies in the ASX 200 Index – everything from the 'big four' ASX banks like Commonwealth Bank of Australia (ASX: CBA) to Harvey Norman Holdings Ltd (ASX: HVN) and Woolworths Group Ltd (ASX: WOW).

Right now, this ETF is offering a trailing dividend yield of 5.38%, which also comes with some franking credits on top! So, if you'd like a solid, diversified fund to give your dividend portfolio some ballast, I think IOZ is a perfect candidate. It has a comparatively low management fee of 0.09% as well, which is amongst the cheapest on offer for an ASX 200 ETF.

Motley Fool contributor Sebastian Bowen owns shares of Telstra Limited. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of Wesfarmers Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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