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in my opinion, dragons have more raw power, but are weak defensively and vulnerable to stealth. Balrogs are weaker, but it takes many good hits to take them down, so stealth is useless.
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Actually Balrogs were quite agile. They aren't the big lumbering, bulky, beasts that Jackson portrays. Tolkien describes them as about the size of a man, or greater (so 6-8 feet?) and they were quite agile...
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It came to the edge of the fire and the light faded as if a cloud had bent over it. Then with a rush it leaped across the fissure.~Bridge of Khazad-dum
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Then later as Gandalf tells us.
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In that despair my enemy was my only hope, and I pursued him, clutching at his heel...
"From the lowest dungeon to the highest peak it climbed, ascending in unbroken spiral in many thousand steps, until it issued at last in Durin's Tower carved in the living rock of Zirakzigil, the pinnacle of the Silvertine."~The White Rider
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So, when the Balrog does flee from Gandalf he was able to "outrun" him, until he reached the top that is.
If you have read the Silmarillion, and read about Gothmog's battles. He slew Fingon with his axe, he slew Feanor, he bounded up Hurin and dragged him away. Then his fight with Echthelion, which is told in a another tale, that I have not read yet.