Well, ASX 200 shares and the share market overall has had an extremely rocky September so far. The S&P/ASX 200 Index (ASX: XJO) has lost around 3.3% since the start of spring, including the nasty 1.3% loss we have seen from today's session so far.
The ASX 200 has seen gains of more than 4%, and losses of more than 3% during the past 16 days. Talk about volatility.
This is precisely why many investors enjoy the relative consistency of dividend returns. Markets may move up and down, but cash is certain.
So considering the wild month we have had so far in September, it might be a good time to examine which ASX 200 blue chip dividend shares are offering the highest yields right now.
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The Big Australian makes a splash
The first is a company we'd all be familiar with: BHP Group Ltd (ASX: BHP). The 'Big Australian' has long held a reputation as a dividend heavyweight on the ASX. But in recent years, the company has managed to turn this up to 11.
Record commodity prices have seen BHP pay out the biggest dividends in its long history in recent years. Today, the mining giant is sitting on a trailing dividend yield of 12.12%.
That comes from its last two dividend payments, which were worth $2.08 and $2.55 per share respectively. BHP's dividends come fully franked too, which means this yield grosses up to a whopping 17.32% if we include the value of that franking.
Tabcorp Holdings Ltd (ASX: TAH) is next up. This gaming company is also boasting an eye-catching dividend yield at present. Come 23 September, Tabcorp will have paid out two dividends over the past 12 months, both worth 6.5 cents per share, fully franked.
At the current Tabcorp share price of 97 cents, this gives the company a trailing yield of 13.33% right now. However, two caveats. The first is that Tabcorp is set to be kicked out of the ASX 200 next week, largely thanks to its reduced market capitalisation after the spinoff of Lottery Corporation Ltd (ASX: TLC) earlier this year.
The second is that this spinoff removed a significant chunk of Tabcorp's business. So it's unclear if the company will be able to fund our dividends at these levels going forward. Saying that, Lottery Corp was spun out back in May, and Tabcorp will pay out 6,5 cents per share later this month, so this could be a good sign.
The highest-yielding ASX 200 dividend share?
Finally, we have Magellan Financial Group Ltd (ASX: MFG) Magellan's status as a blue chip share might arguably be under threat, thanks to its near-75% plunge in value since the middle of last year. However, the fund manager's dividends might be enough to tempt investors into a second look.
Magellan has doled out $1.79 in dividends per share over the past 12 months. Yes, the 68.9 cents per share final dividend that investors received earlier this month was a big drop from the $1.14 final dividend from last year. But this still leaves Magellan with a trailing yield of 14.21% right now.
One final thing to keep in mind with these ASX 200 dividend shares though. A company's trailing dividend yield represents the value of past dividend payments, not future ones. there is nothing guaranteeing that investors buying these three shares today will continue to receive the advertised yields going forward.
Any dividend share can cut its dividend payments with little warning to shareholders. So keep that in mind. No one wants to buy into a dividend trap.
