Programs running under any Valgrind tool will be executed using a CPU emulator, making it quite a bit slower than, say, running the instrumented binaries as required by sanitizers; it's often an order of magnitude slower, but could be very well be close to two orders of magnitude slower in some cases. This also means that it just can't be attached to any running program, because, well, it's emulating a whole CPU to track everything it can.
(Valgrind using a CPU emulator allows for a lot of interesting things, such as also emulating cache behavior and whatnot; it may be slow and have other drawbacks -- it has to be updated every time the instruction set adds a new instruction for instance -- but it's able to do things that aren't usually possible otherwise precisely because it has a CPU emulator!)
You're right and I was wrong, but in my experience Valgrind has been way faster then the AdressSanitizer. I don't perceive a difference with Valgrind, while ASan makes the program slower around 10x.
(Valgrind using a CPU emulator allows for a lot of interesting things, such as also emulating cache behavior and whatnot; it may be slow and have other drawbacks -- it has to be updated every time the instruction set adds a new instruction for instance -- but it's able to do things that aren't usually possible otherwise precisely because it has a CPU emulator!)