32x11.5 VS 33x10.50

I was looking for new tires and found a set of 33x10.5 I am running 32x11.5 now and noticed a difference when I moved up from 31x10.5 will there be a power loss as well going to 33x10.5. The weight should be around the same but the diameter will be larger.

Yes. The power loss is from the effective change in gearing. It's like making your final gear 3% taller