275/65R18 is 0.53" shorter than 265/70R18, a −1.63% change in diameter, inside the 3% range most shops treat as a safe swap.
Ground clearance changes by 0.27" (half the diameter change), and the tire needs 0.27" less room above it.
275/65R18 is 0.39" wider. On the same wheel offset about half of that, 0.20", moves toward the suspension and half toward the fender.
Both fit a 18" wheel; the sidewall is 0.27" shorter on 275/65R18.
Details: 265/70R18 in inches · 275/65R18 in inches · change sizes in the calculator