No, they have two very different meanings. Unfortunately, they are one of the most misused sets of words in the English language!
It's is a contraction for it is. If 'it is' is not what you wanted, take out the apostrophe.
Its is the possessive of it. This is counter-intuitive to the normal practice of English to put an 's at the end of a word to indicate possession.
No, they do not have similar meanings. Yes, they have contradictory meanings. They mean neither the same nor opposite.
NO
synonyms
NO
Thesaurus
no
synonyms
Synonyms
Yes
synonyms are words with similar meanings
They are synonyms. Synonyms have similar meanings, antonyms have opposing meanings.
A research tool that provides words with similar meanings is a thesaurus. A thesaurus is a reference book or online resource that lists words and their synonyms, helping researchers to find alternative words that convey similar meanings.