Commonwealth Bank of Australia (ASX: CBA) shares are a widely held investment and are respected as an ASX dividend stock. However, its dividend yield has become so low that it's not the most appealing stock to me to buy.
The ASX bank share is clearly a leader in the sector in several ways, including a high net interest margin (NIM), high return on equity (ROE), an impressive level of loans written through its own channels (rather than through brokers), a high level of customer satisfaction, and leading tech offerings.
CBA is certainly a superior bank, in my mind, than National Australia Bank Ltd (ASX: NAB), Westpac Banking Corp (ASX: WBC), and ANZ Group Holdings Ltd (ASX: ANZ).
However, there are numerous other options to consider beyond CBA shares as an ASX dividend stock. The two below are two that come to mind with much stronger yields than the ASX bank share. According to the projection on Commsec, the FY26 CBA grossed-up dividend yield is expected to be 4.4%, including franking credits.
Charter Hall Long WALE REIT (ASX: CLW)
This is a diversified real estate investment trust (REIT) that owns an array of properties across Australia. At 30 June 2025, the ASX dividend stock's property portfolio was valued at $5.5 billion.
It's invested in hotels and pubs, government-tenanted buildings (such as Geoscience Australia), data centres and telecommunication exchanges, service stations, grocery and distribution centres, food manufacturing, waste and recycling management, Bunnings properties, and so on.
Diversification is a powerful tool for the business because it lowers the risk of being too exposed to any particular property sector and allows it to look across all areas of the commercial property sector for the best types of real estate to own.
The theme that ties all of these properties together is their long-term rental contracts with tenants, which gives investors pleasing rental income visibility and security.
It's expecting to increase its FY26 distribution per security to 25.5 cents, which translates into a distribution yield of 5.5%, significantly above what CBA shares may provide.
APA Group (ASX: APA)
APA may not be a public-facing business, but the ASX dividend stock is essential to households and businesses alike for what it does.
It operates a huge gas pipeline network, transporting half of the country's gas usage. Gas is seen as an essential part of the energy mix and is likely to be so for decades if it remains a key factor for baseload power.
Additionally, the business is involved in energy generation through gas power, solar farms, and wind farms. It also has a growing portfolio of electricity transmission assets, which is important as Australia becomes increasingly electric.
The business is benefiting from rising cash flow, partly because most of its revenue is linked to inflation. That rising cash flow has helped the business increase its annual distribution every year for 20 years.
The ASX dividend stock expects to pay an annual distribution of 58 cents per security in FY26, which translates into a forward distribution yield of 6.5%. That's also significantly more passive income than what CBA shares are likely to provide in FY26.
