Which faction poses the greatest challenge for the Dwarves?

The Dwarves lack initiative. When I play as Naadir (he's my favorite hero), the Dwarves are easily defeated by Necromancers with black magic. I've never considered runes to be worthwhile for strength. The energy rune is okay, and the dragon rune is decent, but how do you think the Dwarves will cope with the Necromancers' vastly superior forces? Machines look ridiculous here. Cast Dispel, and that's it – the Dwarves turn into mincemeat. The only threat comes from dragons with luck, but luck can be quickly reduced. With Naadir, you can't revive corpses; pikemen with mages are blocked; undead with vampirism eat up the warlords; spirits equal dragons; and vampires easily deal with the rest. And you still call Dwarves a strong race?