All tire sizes are nominal. Compare several different makes and models of the same size tire and you'll find there's a range of dimensions.
A "typical" 31x10.50R15 is about 30.6" in diameter, 10.5" in cross-section (not tread) width, has a static radius of 14.1" and runs 680 revolutions per mile.
A "typical" 265/75R15 is about 30.6" diameter, 10.4" in cross-section width, and I don't have static radius or revolutions per mile figures for that size because I couldn't find anyone who actually made it when I was putting together my tire size/dimension spreadsheet. In essence, looks like it's about the same size as a 31x10.50, but if it's a P rated tire rather than an LT, the sidewalls will be flexier, the static radius will be smaller, and it'll run a few more revolutions per mile.