Well, there are so many factors here........
Sometimes a too wide tire/rim will never generate enough heat in the tire to bring it up to a temp that allows the compound to work.
Sometimes squeezing a too wide tire on a rim that is too narrow won't put as much rubber on the road as a correctly sized wheel/tire combo.
If you have the same weight on lets say correctly sized combos....
a 205 will have more psi on its (smaller) contact patch than lets say a 275 with its wider contact patch. The traction in theory, should be the same. The reason wider wheel/tire combos USUALLY have more traction is that, all else being equal(brand, compound, profile etc.) when pushed harder, it wont overheat where a much narrower tire could, then lose its grip and slide.