Squeezing Limit of the Josephson Ring Modulator as a Non-Degenerate Parametric Amplifier

Two-mode squeezed vacuum states are a crucial component of quantum technologies. In the microwave domain, they can be produced by Josephson ring modulator which acts as a three-wave mixing non-degenerate parametric amplifier. Here, we solve the master equation of three bosonic modes describing the Josephson ring modulator with a novel numerical method to compute squeezing of output fields and gain at low signal power. We show that the third-order interaction from the three-wave mixing process intrinsically limits squeezing and reduces gain. Since our results are related to other general cavity-based three-wave mixing processes, these imply that any non-degenerate parametric amplifier will have an intrinsic squeezing limit in the output fields.