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To what point? If the 'hubcap' is symmetrical the cross-section it presents to the air is constant. The only thing that would change is skin friction and while that wouldn't change at 3 and 9 o'clock, the friction generated at 12 and 6 o;clock would trade off.
As soon as you go to an asymmmetric profile, best practice would be to wrap it around the back of the tire into a cycle fender. Would this be on an open [front] wheel, or an enclosed [rear] wheelwell?
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