275/65R18 is 1.57" shorter than 265/75R18, a −4.68% change in diameter. That is more than the 3% many tire shops use as a limit, so plan on recalibrating the speedometer and checking ABS and stability control.
Ground clearance changes by 0.79" (half the diameter change), and the tire needs 0.79" 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 0.79" shorter on 275/65R18.
Details: 265/75R18 in inches · 275/65R18 in inches · change sizes in the calculator