The question is too general to really get a meaningful answer in general. 1/2 * Cd * area * rho * v^2 is the equation to look at. And the key is that you want to minimize the Cd * area product.
You can do silly things to a design, e.g., use a flat-front box for a fairing, which will result in cruddy performance even relative to a naked wheel. You can use a bicycle racing wheel, which will probably beat any fairing you might try to design for it.
That said, you can clearly relate a normal tire to the standard ball-nose projectile with a flat tail, and a fairing to a high performance ogive nose and boat-tail projectile and guess what, that larger frontal area ogive and boat-tail wins by a wide margin, because it does a substantially better job of reducing flow separation and drastically cuts Cd, while the tire has a Cd that's nearly 1. That's why there are no blunt-nosed supersonic ammunition.
TTFN
FAQ731-376