Will a ratcheting drill chuck hold the bit for drilliing steel

[JWL]

I have several of each style in various sizes and those with a "key" hold best. However, I like the speed and convenience of the "keyless". Truth be told--I often do things the original equipment manufacturer would not recommend such as chucking a 5/8" bit, with cut down shank, into a 3/8" chuck.