265/75R16 is 0.08" shorter than 235/85R16, a −0.25% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.04" (half the diameter change), and the tire needs 0.04" less room above it.
265/75R16 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 16" wheel; the sidewall is 0.04" shorter on 265/75R16.
Details: 235/85R16 in inches · 265/75R16 in inches · change sizes in the calculator