The S&P/ASX 200 Index (ASX: XJO) produced a total return of 10.32% last year.
That was comprised of 6.8% capital growth and 3.52% dividends.
That dividend yield is below the benchmark index's historical average of 4.5% per annum since 2000.
The reduction in yield was largely due to mining shares paying smaller dividend amounts after lower iron ore prices impacted earnings.
Additionally, we saw lower dividend yields from the ASX 200 bank stocks last year due to elevated share prices.
Ryan Felsman, Chief Economist at CommSec said:
S&P/ASX 200 index dividend payout ratios have been under pressure in recent years amid weaker earnings growth, with ASX-listed companies paying out less of those earnings as dividends to shareholders.
That has resulted in a declining dividend yield for Aussie shares.
Let's take a look at the dividend yields of each of the 11 market sectors in 2025.
Image source: Getty Images
Which ASX sectors delivered the best dividend yields?
The sectors are listed in order of highest dividend yield for 2025.
As you can see, ASX 200 utilities shares and energy stocks delivered the best dividend yields.
The worst payers were the technology and healthcare sectors.
Utilities
The total return for the S&P/ASX 200 Utilities Index (ASX: XUJ) last year was 13.22%.
Dividends made up 6.3% of the ASX 200 utilities sector's total return.
APA Group (ASX: APA) shares were the sector's No. 1 performer, rising 29% in value.
Energy
The total return for the S&P/ASX 200 Energy Index (ASX: XEJ) was 3.21%.
The index lost 2.25% of its market cap last year, but dividends of 5.46% brought the sector into the green.
ASX 200 uranium explorer Deep Yellow Ltd (ASX: DYL) delivered the strongest share price growth, up 63%.
Materials
The No. 1 sector for total returns in 2025 was materials, largely due to strongly rising ASX 200 mining shares.
The total return for the S&P/ASX 200 Materials Index (ASX: XMJ) was a whopping 36.21%.
Dividends made up 4.5% of the sector's total return.
ASX gold miner Pantoro Gold Ltd (ASX: PNR) was the materials sector's strongest riser, up 220%.
Financials
The total return for the S&P/ASX 200 Financials Index (ASX: XFJ) was 12.05%.
Dividends made up 4.08% of the ASX 200 financials sector's total return.
Generation Development Group Ltd (ASX: GDG) shares performed best, rising 66%.
Industrials
The total return for the S&P/ASX 200 Industrials Index (ASX: XNJ) was 13.98%.
Dividends made up 3.78% of the ASX 200 industrials sector's total return.
Defence stock DroneShield Ltd (ASX: DRO) was the No.1 riser, up almost 300%.
Communications
The total return for the S&P/ASX 200 Communications Index (ASX: XTJ) was 10.56%.
Dividends made up 3.56% of the ASX 200 communications sector's total return.
Aussie Broadband Ltd (ASX: ABB) shares outperformed, rising 41% in value last year.
Real estate & REITs
The total return for the S&P/ASX 200 Real Estate Index (ASX: XPJ) was 8.38%.
Dividends made up 3.35% of the ASX 200 real estate sector's total return.
Property fund manager Charter Hall Group (ASX: CHC) was the strongest share, up 70%.
Consumer discretionary
The total return for the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) last year was 4.09%.
Dividends made up 2.32% of the consumer discretionary sector's total return.
Eagers Automotive Ltd (ASX: APE) was the sector's highest riser, up 113%.
Consumer Staples
The total return for the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) was 2.01%.
The index fell by 1.43% last year, but a dividend yield of 3.44% put the sector into the green for the year.
A2 Milk Company Ltd (ASX: A2M) was the consumer staples sector's strongest riser, up 59%.
Healthcare
The S&P/ASX 200 Health Care Index (ASX: XHJ) was the worst performer of the 11 market sectors last year.
The index fell 24.91%, with a small dividend yield of 1.25% only slightly offsetting the decline.
The total return for the ASX 200 healthcare sector in 2025 was (23.66%).
Neuren Pharmaceuticals Ltd (ASX: NEU) shares had the best price growth, up 49%.
Technology
The S&P/ASX 200 Information Technology Index (ASX: XIJ) tanked in 2025. The total return was (20.8%).
ASX tech stocks typically pay low or no dividends because they are much younger companies than their global counterparts.
The tech index fell 21.04% and an 0.24% dividend yield only slightly mitigated the decline.
Codan Ltd (ASX: CDA) shares were the standout performers of the sector, rising 77%.
