What's the best bet in aerospace?

Members of the Frecce Tri Colori aerobatic display squad perform an aerial display in Dubai, United Arab Emirates.
Jasper Juinen | Bloomberg via Getty Images

Aerospace-related stocks have gained altitude over recent years, so which companies still have room to grow?

The STOXX Europe Aerospace & Defense Index, which comprises the 15 major European companies, has shot up nearly 20 percent year-to-date. Across the pond, the S&P Aerospace & Defense Select Industry Index has gained 2.9 percent this year.

According to CNBC's Jim Cramer, New York-listed Alliant Techsystems, Raytheon and Lockheed Martin are among his favorite stocks in the aerospace and defense industry right now.

To coincide with the Dubai Airshow, we ask which aerospace option offers the best growth opportunity: