Dear Bigfella,
As Shipmate pointed out to me quite a while ago, such things are dependent on whether a warship was carrying a 'war loading' or not. Basically Bismarck was a heavy cruiser (Pocket Battleship), built to get around the Washington Treaty limitations (quite a few of the RN Town Class RN Cruisers were built to this of course), but the Germans did as quietly as possible 'tweak' these ships clever and very effective design (they cleverly designed the turrets so that the initial as built calibre could easily be replaced by up to 14"). To answer your question directly I don't know, but Graf Spee and other Pocket Battleships did seem to have a lowish waterline, and certainly did seem 'wet'. I am sure there are others on the Forum that will know more about Pocket Battleships than I, so you will get more substantial info. from them I'm sure.
Regards, Bernard