33x12.50R20 is 0.99" taller than 305/50R20, a +3.10% 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 0.50" (half the diameter change), and the tire needs 0.50" more room above it.
33x12.50R20 is 0.49" wider. On the same wheel offset about half of that, 0.25", moves toward the suspension and half toward the fender.
Both fit a 20" wheel; the sidewall is 0.50" taller on 33x12.50R20.
Details: 305/50R20 in inches · 33x12.50R20 in inches · change sizes in the calculator