We describe the characterization of the hydrodynamic properties of anisotropic magnetic nanoparticles using a combination of transmission electron microscopy (TEM) and dynamic as well as depolarized dynamic light scattering (DLS/DDLS). The particles used are nearly monodisperse hematite spindles with an average length of 280 nm and a minor axis of 57 nm, coated with a layer of silica of variable thickness that allows us to tune the particle aspect ratio between 5 and 2. Their geometrical dimensions can thus be determined easily and quantitatively from TEM. Moreover, their size is ideal to employ DLS and DDLS to measure the translational and rotational diffusion coefficients D-T and D-R, while the presence of a magnetic core opens a plethora of opportunities for future studies and applications. We demonstrate that we can successfully predict the hydrodynamic properties of the different particles based on a TEM characterization of their size distribution and using established theoretical models for the hydrodynamic properties of anisotropic particles. When compared with the theoretical predictions, our light scattering measurements are in quantitative agreement. This agreement between theory and experiment is achieved without having to invoke any adjustable free parameter, as the TEM results are used to calculate the corresponding diffusion coefficients on an absolute scale We demonstrate that this is achieved due to a new and simple method for the statistical weighting of the TEM information, and the use of the correct hydrodynamic models for the observed particle shape. In addition, we also demonstrate an enhanced sensitivity of the rotational diffusion for the surface properties of ellipsoidal nanoparticles, and point out that this may serve as an ideal tool toward characterizing functionalized surfaces.