We study theoretically how loss impacts the amplification and squeezing performance of a generic quantum travelling wave parametric amplifier. Unlike previous studies, we analyze how having different levels of loss at signal and idler frequencies can dramatically alter properties compared to the case of frequency-independent loss. We find that loss asymmetries increase the amplifiers added noise in comparison to the symmetric loss case. More surprisingly, even small levels of loss asymmetry can completely destroy any quantum squeezing of symmetric collective output quadratures, while nonetheless leaving the output state strongly entangled.
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