Negative Gain Roth IRA conversion

As many probably have this year, my non-deductible IRA contributions for the year have a negative unrealized gain right now. As far as I can tell, if I convert this account to a Roth IRA, the negative gain will effectively be lost rather than be treated as a deduction. is this correct? and if so, are there other ways I can manage the accounts to maximize the use of the losses?