Armour coverage versus subdivision in capital-ship protection

Which is better protected, a light battleship or a fully armoured battlecruiser?

The fully armoured battlecruiser tends to have better armour coverage, while the light battleship has better subdivision for limiting damage.

In the terminology used here, a fully armoured battlecruiser tends to have better armour coverage. A light battleship has better internal subdivision. The former is better placed to resist initial damage, while the latter is better able to contain its effects once damage occurs.