265/70R17 is 0.20" shorter than 235/80R17, a −0.62% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.10" (half the diameter change), and the tire needs 0.10" less room above it.
265/70R17 is 1.18" wider. On the same wheel offset about half of that, 0.59", moves toward the suspension and half toward the fender.
Both fit a 17" wheel; the sidewall is 0.10" shorter on 265/70R17.
Details: 235/80R17 in inches · 265/70R17 in inches · change sizes in the calculator