There were three battles occuring with Balrogs:
- Glorfindel vs. a Balrog: both perished
- Echtelion vs. Gothmog: both perished
- Gandalf vs. a Balrog: both perished
There were four battles with Dragons:
- Turin vs. Glaurung: Turin killed the dragon without dying himself
- Eärendil vs. Ancalagon: Eärendil killed the dragon
- Fram vs. Scatha: Fram killed the dragon
- Bard vs. Smaug: Bard killed the dragon
Can any conclusion be made from this? The Balrogs fought with two Eldar and a Maia, and all of them perished in the fight.
The Dragons fought with three men and a half-elf and none of the latter died in combat.
Do I really have to say it out loud? The Balrogs would win over dragons any day!
The Silmarillion: Valaquenta - Of the Enemies
For of the Maiar many were drawn to his splendour in the days of his greatness, and remained in that allegiance down into his darkness; and others he corrupted afterwards to his service with lies and treacherous gifts. Dreadful among these spirits were the Valaraukar, the scourges of fire that in Middle-earth were called the Balrogs, demons of terror.
by Belegûr
Let's have a look at the résumés of the greatest of each of the two species nevertheless
The Silmarillion - Of the Coming of the Elves and the Captivity of Melkor
...their hearts were of fire, but they were cloaked in darkness, and terror went before them; they had whips of flame. Balrogs they were named in Middle-earth in later days. And in that dark time Melkor bred many other monsters of divers shapes and kinds that long troubled the world...
The Letters of JRR Tolkien - #153: To Peter Hastings (draft)
But if they 'fell', as the Diabolus Morgoth did, and started making things 'for himself, to be their Lord', these would then 'be' ... real physical realities in the physical world ... But whether they could have 'souls' or 'spirits' seems a different question; and since in my myth at any rate I do not conceive of the making of souls or spirits, things of an equal order if not an equal power to the Valar, as a possible 'delegation'. I have represented at least the Orcs as pre-existing real beings on whom the Dark Lord has exerted the fullness of his power in remodelling and corrupting them, not making them.
The Silmarillion - Of the Beginning of Days
In that guarded land the Valar gathered a great store of light...
The History of Middle-earth X: Morgoth's Ring - Myths Transformed: VIII
Melkor corrupted many spirits - some great, as Sauron, or less so, as Balrogs. The least could have been primitive (and much more powerful and perilous) Orcs; but by practising when embodied procreation they would (cf. Melian) [become] more and more earthbound, unable to return to spirit-state (even demon-form), until released by death (killing) , and they would dwindle in force.
The Silmarillion - Of the Return of the Noldor
He was yet young and scarce half-grown, for long and slow is the life of the dragons.
The History of Middle-earth XI: The War of the Jewels - The Grey Annals 230
The Balrogs were still at this time conceived to exist in large numbers... '[Melkor] sent forth on a suddent a host of balrogs' - at which point my father noted on the typescript of AAm: 'There should not be supposed more than say 3 or at most 7 ever existed'...
Fire Resistant: Smaug-Yes / Balrog-Yes
Ability to Fly: Smaug-Yes / Balrog-No
Projectile Flames: Smaug-Yes / Balrog-No[...]
[...]Well, it’s obvious the Balrog has a substantial disadvantage. Also, why did Morgoth wait so long to attack during the Siege of Angband? Couldn’t he have just sent Gothmog out there to break the siege? Probably, but he wasn’t confident with that strategy. He instead wanted to be sure he was going to have the victory; so he patiently waited for his deadliest weapon to mature; Glaurung! And it worked; the Battle of Sudden Flame was devastating. And personally, I think Smaug would have no problem taking out Glaurung if circumstances arose.
So, do I think a Balrog could take Smaug?....not a chance in hell.
Ancalagon was the greatest of the Dragons; Glaurung was simply the first...
Towards Smaug, that quote tells us little. Sauron could have used a balrog with terrible effect, too. Does it tell us that Smaug was easy to control? No. Actually, he seems to me to be more along the lines of an Ungoliant. Independent. The pathetic balrog hiding out in Moria used to work for Mel, so he probably knew that Sauron was his right hand Ainur type thing. I don't see why reviewing Sauron's resume would stop him from helping the guy out. Smaug had a good thing going by himself, though. He seemed plenty to content to stay where he was, and Sauron wouldn't have been able to force him into helping out. Of course, we have Sauron's vaguely defined ability to draw evil. It is too vaguely defined for me to worry about Smaug falling under its spell. With little information on how intelligent balrogs were, I wouldn't know who would be more likely to be swayed by it.
Your references to Glaurung and Gothmog aside...
Smaug was the perfect killing machine, as Gandalf was well aware, curse him. Wings, fangs, claws, thick armour, intelligence far superior to all but the divinely wise and endowed with magick, it took a conspiracy to slay him. The slaying of a Balrog cold be accomplished by one person, be he mortal or otherwise.
Had he lived and fought such a battle with a Balrog, the advantage of flight alone would have ensured his victory, as his manueverability would have been excellent. Combine that with flame-throwing and said Balrog is no more!
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