Ryan Reynolds Says His Kids Have Seen 'Elf' Starring Will Ferrell '10,000 Times'

Count Ryan Reynolds' three daughters among the many who adore Will Ferrell's 2003 Christmas comedy Elf.

In the new issue of PEOPLE, Reynolds, 46, says James, 7, Inez, 6, and Betty, 3. — the girls he shares with wife Blake Lively, 35, who's expecting their fourth child — were "blown away" when they visited the set of Spirited, his new comedy costarring Ferrell.

Part of the reason was Ferrell himself. "They've watched Elf about 10,000 times," Reynolds quips. The 2003 holiday comedy stars Saturday Night Live alum Ferrell, 55, as a human who was accidentally raised as an elf at the North Pole. As an adult, he sets out to New York City to find his true father. The fan-favorite film costars Zooey Deschanel and the late James Caan.

Referencing another (but very adult) Ferrell film, Reynolds adds jokingly, "My youngest Betty is obsessed with Old School."

Reynolds and Ferrell could have another Christmas classic on their hands with Spirited, a modern musical take on Charles Dickens' A Christmas Carol. Ferrell stars as the Ghost of Christmas Present who tries to change the cold-hearted ways of a Scrooge-like businessman played by Reynolds.

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Both stars say they were nervous to star in a musical. "It was just kind of a crazy journey with the sophistication levels of the songs, and the intricacies of the dancing," says Ferrell. "They really pushed all of us to go beyond our limits in a way that was fun when it finally happened, but during the process we wondered if we were ever going to actually get there."

Adds Reynolds, "I don't think I ever would've done the movie had I known what was really in store for us. I don't think I fully grasped it until we were in it. It's like a nervous breakdown: you don't know you're having one until it's over."

They also agree on who's the better singer out of the two. "Will, for sure," says Reynolds, who got singing and dancing advice from friend and frequent musical star Hugh Jackman. "I think he's done a lot more of it than I have."

"I think it's just a scientific fact I am a better singer," adds Ferrell who shares sons Magnus, 18, Mattias, 15, and Axel, 12, with his wife, Swedish-born actress Viveca Paulin. "Scientists have said it, it's not me."

The two men also discuss their Christmas traditions. "We throw a big Swedish Christmas party every year, which is great fun," says Ferrell. "We sing songs in Swedish and we toast and the Swedish Santa comes and visits."

As for Reynolds, he tells PEOPLE, "We go all out. Blake is obsessed with it, loves it. I am too. I love having Christmas. I like the lead up to it the most."

Spirited is in theaters now and streams on Apple TV+ on Nov. 18.

For more on Reynolds and Ferrell, pick up the new issue of PEOPLE.