In recent years, the existence of a hadronically stable $bar{b} bar{b} u d$ tetraquark with quantum numbers $I(J^P) = 0(1^+)$ was confirmed by first principles lattice QCD computations. In this work we use lattice QCD to compare two frequently discussed competing structures for this tetraquark by considering meson-meson as well as diquark-antidiquark creation operators. We use the static-light approximation, where the two $bar{b}$ quarks are assumed to be infinitely heavy with frozen positions, while the light $u$ and $d$ quarks are fully relativistic. By minimizing effective energies and by solving generalized eigenvalue problems we determine the importance of the meson-meson and the diquark-antidiquark creation operators with respect to the ground state. It turns out, that the diquark-antidiquark structure dominates for $bar{b} bar{b}$ separations $r < 0.25 , text{fm}$, whereas it becomes increasingly more irrelevant for larger separations, where the $I(J^P) = 0(1^+)$ tetraquark is mostly a meson-meson state. We also estimate the meson-meson to diquark-antidiquark ratio of this tetraquark and find around $60% / 40%$.