235/75R15 is 0.73" shorter than 265/70R15, a −2.46% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.36" (half the diameter change), and the tire needs 0.36" less room above it.
265/70R15 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 15" wheel; the sidewall is 0.36" shorter on 235/75R15.
Details: 265/70R15 in inches · 235/75R15 in inches · change sizes in the calculator